This new round brings the amount we raised over the past 12 months to nearly $123M. We plan on using this funding to invest further into our product line, add local fiat currencies and payment methods, expand into new territories, and continue to hire the best talent in the market.
Growth despite turbulent market
Even within the context of a bear market, we’ve experienced substantial growth over the past year.
Our transaction volumes in 2022 (year to date) have increased by almost 240% compared to the same period of 2021. Meanwhile, the total number of unique users coming from our integration partners has increased by over 600%.
While layoffs and hiring freezes have been the norm across the industry, the number of employees at Ramp has increased seven-fold in the last year, to more than 200 today.
Recent strategic hires include ex-HSBC Mary Ann Moffat as Chief Financial Officer, and Citibank alumni Steven Eisenhauer as Chief Compliance Officer.
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. -- Szymon Sypniewicz, co-founder and CEO at Ramp.
A warm welcome to our new board members
Following this investment round, Mubadala Capital’s Frederic Lardieg joins the company’s board as a director.
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. -- Frederic Lardieg at Mubadala Capital Ventures.
Likewise, Paul Degueuse, partner at Korelya Capital, joins the Ramp board as an observer.
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. -- Paul Degueuse, partner at Korelya Capital.
Previous investors such as Balderton Capital, Firstminute Capital, Galaxy Digital Ventures, NFX, and Seedcamp participated in Ramp's $52.7m Series A and $10m Seed Round.
On the news
The news has been well-received by the media, despite a busy news cycle and recent crypto drama - bucking the negative trend a bit. Here are some highlights:
Business Insider: Crypto infrastructure startup Ramp just raised $70 million despite cooling investor interest in Web3.
Coindesk: Ramp Raises $70M to Provide Crypto Payments Infrastructure
Cointelegraph: Ramp, builder of crypto payment rails, raises $70M
Altfi: Amid the FTX bloodbath, ‘Paypal for crypto’ Ramp lands $70m Series B
Sifted: Poland’s Ramp raises a $70m Series B despite crypto crash
The Block: Crypto payments firm Ramp raises $70 million
Investing.com: Ramp, builder of crypto payment rails, raises $70M
About Mubadala Capital
Mubadala Capital is the wholly-owned asset management subsidiary of Mubadala Investment Company, a $284 billion global sovereign investor headquartered in Abu Dhabi. Mubadala Capital manages c. $17 billion in aggregate across its own 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. Mubadala Capital has offices in New York, San Francisco, London, Rio de Janeiro, and Abu Dhabi.
About Korelya Capital
Founded and chaired by Fleur Pellerin, former French Minister of Digital Economy and Culture, and Antoine Dresch, Korelya Capital is a late-stage venture fund with €500m under management and offices in Paris, London, and Seoul. Since its launch in 2016, Korelya Capital has notably invested in several European tech champions that became global category leaders (Vestiaire Collective, Glovo, Bolt, Ledger…). Korelya Capital supports European technology companies in achieving their global ambition, notably through valuable support via its extensive network.
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