Ramp raises $70 million to build next generation crypto rails

Polish fintech Ramp, which builds payment rails to allow more customers to invest in crypto, has secured $70 million in Series B funding led by Mubadala Capital and Korelya Capital.

The news – a rare silver lining against a gloomy crypto backdrop – means that Ramp has now raised more than US$122 million in the past 12 months despite the current crypto winter. The fintech will use the money to further invest in its product line, add local fiat currencies and payment methods, expand into new territories and hire fresh talent.

Since its launch four years ago, the company has already come a long way. It is active in most major markets in Europe, America and Africa. Year-to-date transaction volumes have increased by nearly 240% compared to the same period last year, while the number of unique users coming from Ramp’s integration partners has increased by over 600%. In the context of mass redundancies throughout the fintech sector, Ramp has actually been able to sevenfold the size of its workforce in the past year and now employs more than 200 people.

Balderton Capital and Cogito Capital also participated in this latest capital raising.

Ramp sees the bear market as a “builder’s market”

“Our goal is to continue building infrastructure to make Web3 easy and accessible,” says Ramp’s co-founder and CEO Szymon Sypniewicz. “Despite current market conditions, we’re seeing 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 building market, and we are fully committed to our vision.”

Frederic Lardieg, Partner at Mubadala Capital, says: “Ramp has established clear leadership in the crypto gaming space by delivering a superior user experience, leading conversion rates and strong regulatory compliance. We are deeply impressed with the company’s team and growth trajectory, and we are excited to support the leadership in their vision to make Web3 more accessible.”

And Paul Degueuse, partner at Korelya Capital, continues: “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 critical role in the space with the potential to become a key infrastructure globally. Korelya will support the team in its Asian expansion, one of the largest markets for Web3 applications.”