London-based Ramp, a startup that provides a payment infrastructure linking crypto and traditional finance, announced on Wednesday that it has raised $70M (about €70M) in a Series B round of funding. The round was co-led by Mubadala Capital and Korelia Capital, with participation from Balderton Capital and Cogito Capital.
The announcement comes after it raised $52.7M in a Series A round of funding led by Balderton Capital in December 2021. The latest round brings the total investment raised by Ramp to $122M (approximately €122M).
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The UK-based company says it will use the funds to add local fiat currencies and payment methods, expand into new territories, and continue recruiting.
As part of the funding round, Mubadala Capital’s Frederic Lardieg will join the company’s board as a director, and Corelia Capital partner Paul DeGeuze will join as an observer.
“Our goal is to continue to build the infrastructure to make Web3 easy and accessible. Despite the current market conditions, we see Web2 companies looking to move to Web3, and we look forward to helping them through this transformation.” That’s why we’re doubling the growth rate. A bear market is a builder’s market, and we are fully committed to our vision,” says Sizmon Sipnivic, co-founder and CEO, Ramp.
Ramps: What you need to know
Founded in 2018 by Szymon Sypniewicz (CEO) and Przemek Kowalczyk (CPO), Ramp has developed a payment infrastructure that allows users to purchase cryptocurrencies and other digital assets, such as tokens, inside any website or application.
The company’s customers include GameStop, Sorare, Brave, Exodus, Trust Wallet, Axie Infinity, Ledger, Argent, and Opera Browser.
Ramp claims to have grown significantly in the last one year. The company says that its transaction volume in 2022 has increased by about 240 percent compared to 2021.
The company has increased the total number of unique users from its integration partners by more than 600 percent. Additionally, the company has grown the workforce seven-fold in the last year to over 200.
Recent strategic appointments include ex-HSBC Mary Ann Moffatt as chief financial officer and Citibank alumnus Steven Eisenhower as chief compliance officer.
Mubadala Capital is a wholly owned asset management subsidiary of Mubadala Investment Company.
Mubadala Capital manages a total of approximately $17B in 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 circumstances. Are included.
“Ramp has established a clear leadership in the crypto gaming space by providing superior user experience, leading conversion rates and strong regulatory compliance. We are deeply impressed by the company’s team and growth path,” says Frederic Lardieg of Mubadala Capital Ventures, and We are thrilled to support in management’s vision to make Web3 easier.”
Korelia Capital is a late-stage venture fund with €500M under management. Since its launch in 2016, VC has notably invested in several European tech companies, including Grover, Vestiaire Collective, Glovo, Bolt and Ledger.
“Web3 needs a robust, compliant and easy-to-use on-Ramp solution to enable the onboarding of the next wave of mass-market users, and we believe RAMP has the potential to become a Can play a pivotal role in the space. Leading infrastructure globally. Korelya will support the team in its Asian expansion, which is one of the largest markets for web3 applications,” says Paul DeGeus, Partner at Korelya Capital.
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