Cryptocurrency payments startup Ramp, with offices in Poland and London, has raised $70 million in new investments, despite a challenging fundraising environment and turmoil in the crypto industry.
Their Series B, co-led by UAE’s Mubadala Capital and France’s Korelya Capital, comes less than a year after starting raised $53 million Series A. This is one of the largest fundraising rounds in the history of the Polish startup ecosystem.
What does Rampe do?
Ramp enables clients such as crypto wallets, exchanges, NFT marketplaces, and gaming companies to integrate crypto payment infrastructure into their existing systems so users can purchase crypto assets without having to upgrade to other apps.
It’s integrated with the world’s leading payment methods, including debit and credit cards, bank transfers, Apple Pay and Google Pay, and is available to users in over 150 countries.
How is the market?
Bearish, to say the least. By November 2021, the global crypto market had surged to almost $3,000,000,000 – only to lose two-thirds of its value by mid-2022, as inflation and a bleak economic outlook discouraged investors. This yielded in massive layoffs at European companies like Blockchain.com and Bitpanda, the collapse of several cryptocurrencies like TerraUSD, and yesterday’s acquisition of the second-largest crypto exchange, FTX.
But Ramp seems to be immune to these tendencies. In 2022, it generated an almost 240% increase in transaction volumes compared to the same period last year. The total number of unique users has increased by more than 600%.
The startup is also hiring: it multiplied by seven the number of employees last year, to more than 200 today.
“Although we have grown rapidly, we have been cautious and remained focused on developing our product to align it with our partners’ business requirements, while keeping our finger on the pulse of long-term market trends. market,” says Szymon Sypniewicz. , co-founder and CEO of Ramp.
- Moubadala Capital, co-lead, an Emirati VC
- capital of koreaco-lead, a French VC
- Balderton Capitalan existing investor, UK VC
- Cogito Capital, a Polish VC
What’s next for Rampe?
Sypniewicz says that with his B-series, he wants to make the Ramp product more accessible to more people. “That means entering local markets and enabling local payment methods,” he says.
“Local payment methods reduce friction and costs for low-income regions while being more intuitive and accessible for more people around the world. This is especially true in Latin America and Asia, two regions that have seen explosive crypto adoption and which we see as our next strategic targets.
The company will also continue to hire and invest more in its product line.
The taking of sieved
Ramp’s resilience to the current economic downturn shows that it plays an important role in the cryptocurrency ecosystem. It is very often compared to Stripe, which produced a similar market-leading tool for the e-commerce space; Stripe is now valued at around $74 billion.
Sypniewicz also adds that the company wants to take advantage of the trend of regular companies moving to Web3. Web3 refers to a new breed of blockchain-powered businesses that are embracing decentralization and democratization of ownership, as opposed to centralized platforms like Facebook and YouTube.
“It’s a huge opportunity, and it’s just one example of the huge potential we see for the industry beyond the current downturn,” he says.
“If you’ve been in crypto as long as we have, you’ll recognize that a bear market is a builder’s market, and we’re fully committed to our vision – to make Web3 a reality for everyone. We’re here for the long term “.
Zosia Wanat is Sifted’s Central and Eastern Europe reporter, based in Warsaw. She tweets from @zosiawanat