Crypto startup Ramp raises $70 million

The infrastructure crypto startup Ramp raised $70 million in a Series B financing round led by Mubadala Capital and Korelya Capital.

We are thrilled to announce that we just secured $70M in our Series B round, co-led by @MubadalaCapital and @korelyacapital, with participation from @balderton and Cogito Capital.🎇

Despite current market conditions, we’re doubling down on our vision of a #Web3 future. #crypto pic.twitter.com/TUpK2Cf54S

— Ramp Network | Token2049 London (@RampNetwork) November 9, 2022

Among the participants were venture firm Cogito Capital and current investor Balderton Capital.

Founder Shimon Sipnevich declined to disclose the valuation reached. He noted only that it was more than 50% higher than the previous one.

In the last round worth $52.7 million in December 2021, investors valued the startup at $300 million. Thus, by November 2022 the figure had surpassed $450 million.

The core product of Ramp, based in London and Warsaw, is a toolkit for building payment software. It enables users to buy cryptocurrencies via debit and credit cards, bank transfers and Apple Pay, both on the startup’s platform and off it.

According to Sipnevich, 70% of payment volume comes from Europe and the United States. The company is considering expansion into Asia and Latin America.

“We’re very drawn to Mexico and Brazil, because they are very large markets. Moreover, there is a high level of cryptocurrency literacy there,” said the founder of Ramp.

The firm also plans to enter Japan and South Korea, drawing on Korelya Capital’s connections in the region.

According to Sipnevich, the funds raised will finance the company’s development for roughly three years.

Previously, in September Bolt Financial walked away from purchasing Ramp’s competitor — the blockchain startup Wyre Payments — for $1.5 billion. The fintech company signed a deal to acquire in April with the aim of entering the crypto-payments market.

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