Crypto infrastructure start-up Ramp raises $70m in Series B round
Crypto payments infrastructure provider Ramp has secured $70 million in a Series B funding round, bringing its total funding raised in the past 12 months to more than $120 million.
Ramp lands $70m Series B
The round was co-led by Mubadala Capital and Korelya Capital with participation from London-based venture capital firm Balderton Capital and Cogito Capital.
The Series B follows Ramp’s $52.7 million Series A round in December 2021, led by Balderton Capital.
Ramp plans to use the new cash to invest in its product line, add local fiat currencies and payment methods, expand into new territories and hire more staff as it looks to scale.
The company offers a non-custodial payments infrastructure that helps exchanges, marketplaces and wallets integrate a global crypto onramp, making it easier for users to buy crypto and other digital assets such as non-fungible tokens (NFTs).
The start-up’s suite of Application Programming Interfaces (APIs) and Software Development Kits (SDKs) make it possible to send and receive crypto without having to use an exchange.
Despite the ongoing ‘crypto winter’, Ramp says it has experienced “substantial growth” over the past year, with the firm increasing its staff headcount seven-fold to more than 200 today.
Szymon Sypniewicz, co-founder and CEO at Ramp, says that despite current market conditions, “we see a growing trend of web2 companies looking to move into web3”.
“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 adds.
