The latest funding round closed by Fintech Ramp brings the total raised by the firm to $122.7m over the past 12 months alone, “despite the current crypto bear market.”
Ramp says it is pleased to announce that they’ve just secured $70M via their series B investment round, “co-led by Mubadala Capital and Korelya Capital, with participation from Balderton Capital and Cogito Capital.”
This new round brings the amount they raised over the past 12 months “to nearly $123M.” The firm plans 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.”
Ramp CEO Szymon Sypniewicz confirmed the closing of the round on stage during Token2049 London.
Even within the context of a bear market, the firm claims it “experienced substantial growth over the past year.”
Their 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 their 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.”
Ramp says its goal is “to keep building infrastructure to make Web3 easy and accessible.”
Despite current market conditions, they “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 [they’re] fully committed to [their] vision,” says Szymon Sypniewicz, co-founder and CEO at Ramp.
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.”
Frederic Lardieg at Mubadala Capital Ventures added:
“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.”
Likewise, Paul Degueuse, partner at Korelya Capital, “joins the Ramp board as an observer.”
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.”
As mentioned in the announcement, 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.”