London-based Ramp, a startup that provides payment infrastructure to connect crypto and traditional finance, announced on Wednesday that it has raised $70M (approximately €70M) in a Series B round of funding. The round was co-led by Mubadala Capital and Korelya Capital, with participation from Balderton Capital and Cogito Capital.
The announcement comes after raising $52.7M in a Series A round of funding in December 2021, led by Balderton Capital. The latest round brings the total investment raised by Ramp since inception to $122M (approximately €122M).
The UK company says it will use the funds to add local fiat currencies and payment methods, expand into new territories, and continue hiring.
As a part of the funding round, Mubadala Capital’s Frederic Lardieg will join the company’s board as a director, and Paul Degueuse, partner at Korelya Capital, will join as an observer.
“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,” says Szymon Sypniewicz, co-founder and CEO at Ramp.
Ramp: What you need to know
Founded by Szymon Sypniewicz (CEO) and Przemek Kowalczyk (CPO) in 2018, Ramp has developed a payment infrastructure that allows users to buy cryptocurrencies and other digital assets, such as tokens inside any website or application.
The company’s clients include GameStop, Sorare, Brave, Exodus, Trust Wallet, Axie Infinity, Ledger, Argent, and Opera Browser.
Ramp claims to have witnessed substantial growth over the past year. The company says its transaction volumes in 2022 have increased by almost 240 per cent compared to 2021.
The company has also increased the total number of unique users from their integration partners by over 600 per cent. Additionally, the company has increased the number of employees by seven-fold in the last year to more than 200.
Recent strategic hires include ex-HSBC Mary Ann Moffat as Chief Financial Officer and Citibank alumni Steven Eisenhauer as Chief Compliance Officer.
Investor
Mubadala Capital is the wholly-owned asset management subsidiary of Mubadala Investment Company.
Mubadala Capital manages approximately $17B in aggregate across its balance sheet investments and in third-party capital vehicles on behalf of institutional investors, including four private equity funds, three early-stage venture funds, and two funds in Brazil focused on special situations.
“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,” says Frederic Lardieg of Mubadala Capital Ventures.
Korelya Capital is a late-stage venture fund with €500M under management. Since its launch in 2016, the VC has notably invested in several European tech companies, including Grover, Vestiaire Collective, Glovo, Bolt, and Ledger.
“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,” says Paul Degueuse, partner at Korelya Capital.
