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Ramp, a fiat-to-crypto company, announced that it had raised $70 million in its Series B funding round. The round was co-led by Mubadala Capital and Korelya Capital, with participation from Balderton Capital and CogitoCapital. The company explained that these funds will allow it to further improve its app and continue to hire talent.
Ramp Raises $70M in Series B Funding Round
Ramp, a company that provides fiat-to-crypto and crypto-to-fiat streams for different Web3 applications, announced that it raised $70 million in its latest funding round on November 9. The funding round, co-led by Mubadala Capital and Korelya Capital, with participation from Balderton Capital and Cogito Capital, will allow the company to continue to grow even with current market conditions.
According to a press release, these funds will make it easier for the company to operate in the future, giving it the ability to “further invest in our product line, add local fiat currencies and payment methods, s “expanding into new territories and continuing to hire the best talent in the market. This round brings the number of funds raised by the company in the last 12 months to more than 120 million dollars.
With this capital injection, two new executives will join the company’s board of directors: Frédéric Lardieg of Mubadala Capital is now a director, and Paul Degueuse, partner of Korelya Capital, is an observer.
Accelerated growth
While other companies in the crypto market faced significant challenges during the crypto winter, Ramp claims that it managed to thrive even under these adverse conditions. This is related to the nature of its business model, which aims to facilitate user opt-in and opt-out from wallet apps and web3 apps, allowing users to easily buy crypto using, for example, example, deposits in a bank account. The company also allows Google Pay, Apple Pay, Visa, and Mastercard integrations, depending on the country.
In fact, the number of employees in the company has increased sevenfold this year, and transaction volumes have also increased by 240% compared to the same period in 2021. Similarly, the total unique number of users from customers who implement Ramp’s services as part of their applications has also increased by 600%.
Regarding the future of the company and its goals, Szymon Sypniewicz, co-founder and CEO of Ramp, said:
Our goal is to continue building an infrastructure to make Web3 easy and accessible. Despite current market conditions, we are seeing a growing trend of Web2 companies wanting to move to Web3, and we are uniquely positioned to help them through this transformation. That’s why we’re doubling growth.
That’s why we’re doubling growth.
Sypniewicz also said a bear market was suitable for construction and Ramp was fully committed to his vision for the future.
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