Crypto to fiat app Ramp closes Series B on $70m

Crypto to fiat app Ramp closes Series B on $70m

Ramp, which is building the payment rails to connect crypto to the global financial system, has closed its Series B funding round on $70m.

Mubadala Capital and Korelya Capital co-led the round, with commitments also coming from Balderton Capital and Cogito Capital.

With the capital, the crypto to fiat company hopes to enhance its product line, add local fiat currencies and payment methods, expand into new territories and hire more staff.

Ramp was co-founded by CEO Szymon Sypniewicz and CPO Przemek Kowalczyk in 2018. Its full-stack payment solution allows users to buy cryptocurrencies inside any application or website. It describes its operations to a similar service to how PayPal and Stripe offer a unified purchase experience across any e-commerce site.

Despite the turbulent market, it has increased the total number of unique users by over 600%.

Its crypto to fiat services are available in over 150 countries and provides a streamlined experience to convert to and from fiat and cryptocurrencies. It supports wallets, exchanges, NFT marketplaces and gaming companies.

Ramp co-founder and CEO Szymon Sypniewicz said, “Since founding Ramp, we’ve been solving real world problems by building a resilient and global product that enables our partners to offer their users a fast, safe and reliable way to buy and sell crypto while remaining compliant. And we’re not stopping there. 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.”

As part of the deal, Mubadala Capital partner Frederic Lardieg will join Ramp’s board as a director, while Korelya Capital partner Paul Degueuse joins as an observer.

With the close of the round, the company has raised over $120m in funding.

Earlier in the year, Mubadala Capital led a $100m investment into Juni, a financial companion for e-commerce.

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