Ramp raises $70mn to build next generation of crypto rails

Polish fintech Ramp, which is building payment rails to allow more customers to invest in crypto, has secured US$70mn in Series B funding co-led by Mubadala Capital and Korelya Capital.

The news – a rare silver lining against a bleak crypto backdrop – means that Ramp has now raised more than US$122mn in the last 12 months despite the current crypto winter. The fintech will use the money to invest further in its product line, add local fiat currencies and payment methods, expand into new territories and hire fresh talent.

Since launching four years ago, the firm has already come a long way. It is active in most major markets in Europe, the Americas and Africa. Transaction volumes in the year to date have increased by almost 240% over the same period last year, while the number of unique users coming from Ramp’s integration partners has increased by over 600%. In the context of mass layoffs throughout the fintech sector, Ramp has actually been able to increase the size of its workforce seven-fold in the past year and now employs more than 200 people.

Balderton Capital and Cogito Capital also took part in this latest capital raise.

Ramp sees bear market as ‘a builder’s market’

“Our goal is to keep building infrastructure to make Web3 easy and accessible,” says Ramp Co-Founder and CEO Szymon Sypniewicz. “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.”

Frederic Lardieg, Partner at Mubadala Capital, says: “Ramp has established a clear lead in the crypto gaming space by delivering a superior user experience, leading conversion rates and strong regulatory compliance. We’re deeply impressed with the company’s team and growth trajectory and we’re thrilled to support the management in its vision to make Web3 easier to access.”

And Paul Degueuse, Partner at Korelya Capital, continues: “Web3 needs a strong, compliant and easy to use on-ramping solution to enable the onboarding of the next wave of mass market users and we believe Ramp can play a decisive role in the space with the potential to become a key infrastructure globally. Korelya will be supporting the team in its Asian expansion, one of the largest markets for Web3 applications.”