By Daniel Lanyon on Thursday 10 November 2022
The Series B fundraise was led by Mubadala Capital and Korelya Capital.
Amid the FTX bloodbath, ‘Paypal for crypto’ Ramp lands $70m Series B
Th Series B fundraise was led by Mubadala Capital and Korelya Capital.
The crypto market may be weathering its most chaotic events but that hasn’t stopped investors from betting on its long-term success.
Ramp a fintech company building payment rails connecting crypto to the global financial system, has raised $70m in a Series B funding round.
Co-founded by CEO Szymon Sypniewicz and CPO Przemek Kowalczyk in 2018, Ramp allows users to buy cryptocurrencies inside any application or website in a manner, it says, similar to how Paypal has become a standard for online shoppers.
Its customers include GameStop, Sorare, Brave, Exodus, Trust Wallet, Axie Infinity, Ledger, Argent, and Opera Browser.
This new round, co-led by Mubadala Capital and Korelya Capital, brings Ramp's funding in the last year alone to over $120m.
Other investors, who have backed Ramp in its previous rounds - $52.7m Series A and $10m Seed Round - include Balderton Capital, Firstminute Capital, Galaxy Digital Ventures, NFX and Seedcamp. A number of well-known fintech angel investors such as Taavet Hinrikus, co-founder and Chairman of Wise (formerly TransferWise), Charles Delingpole, CEO and founder of ComplyAdvantage, Francesco Simoneschi, CEO of TrueLayer and Keith Grose, Head of UK at Plaid.
Ramp has increased its headcount sevenfold in the past year to 200 people and is planning on using the cash to increase its rapid expansion as well as invest further into its product line by adding local fiat currencies and payment methods and expanding into new geographies.
During 2022, volumes generated have increased by almost 240 per cent compared to the same period last year and the total number of unique users serviced via its partners has soared 600 per cent.
“Since founding Ramp, we’ve been solving real world problems by building a resilient and global product that enables our partners to offer their users a fast, safe and reliable way to buy and sell crypto while remaining compliant. And we’re not stopping there,” said Szymon Sypniewicz, co-founder and CEO at Ramp.
“Our goal is to keep building infrastructure to make web3 easy and accessible. Despite current market conditions, we see a growing trend of web2 companies looking to move into web3, and we’re uniquely positioned to help them through this transformation. That’s why we’re doubling down on growth. A bear market is a builder’s market, and we’re fully committed to our vision,” he added.
Recent strategic hires include ex-HSBC Mary Ann Moffat as Chief Financial Officer, and Citibank alumni Steven Eisenhauer as Chief Compliance Officer.