- The Series B comes less than a year after Ramp raised $53 million in Series A funding.
- Ramp enables NFT marketplaces, blockchain gaming platforms and crypto exchanges to integrate on-ramp payments solutions into their existing systems.
- Users can purchase crypto assets with fiat.
Polish crypto payments infrastructure provider, Ramp, has raised $70 million in a Series B funding round co-led by Mubadala Capital and Korelya Capital, with participation from London-based venture capital firm Balderton Capital and Cogito Capital.
The new raise comes less than a year after Ramp raised $53 million in Series A funding in December 2021, bringing its total funds raised to $123 million.
Ramp is a crypto-to-fiat payments solution that enables NFT marketplaces, blockchain gaming platforms and crypto exchanges to integrate a global crypto on-ramp, making it easy for users to purchase digital assets using fiat without having to leave their dApp or wallet.
It is integrated with the world’s most commonly used payment methods including debit and credit cards, bank transfers, Apple Pay and Google Pay and is available to users in more than 150 countries.
Its suite of Application Programming Interfaces (APIs) and Software Development Kits (SDKs) also make it possible to send and receive crypto without having to use an exchange.
With the fresh capital injection, Ramp plans to invest in its product line, add local fiat currencies and payment methods, expand into new territories and hire more staff as the startup looks to make its product accessible to more people.
“Local payment methods reduce friction and costs for lower-income regions while being more intuitive and accessible for more people in the world. This is particularly true in Latin America and Asia, both regions that have seen explosive crypto adoption and that we consider our next strategic targets,” said Szymon Sypniewicz, Ramp’s cofounder and CEO.
Despite the ongoing crypto winter, Ramp says it has experienced “substantial growth” over the past year. It has seen an almost 240% increase in transaction volumes year over year and its total number of unique users has increased by over 600%. The startup’s headcount has also grown sevenfold to more than 200 today.
“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,” Sypniewicz added.
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