Ramp raises $70 million as Web3 investments cool and crypto nearly goes off the cliff
London-based, but with deep roots in Poland, crypto payments infrastructure startup Ramp has raised $70 million in a Series B funding round. The platform provides developers with a non-custodial payment infrastructure that allows for the collection of digital assets from exchanges and then embedding them into other platforms. In plain English, Ramp is making crypto more useful and accepted at a wider range of locations.
Despite the crypto winter which was in effect until a few days ago, now a crypto tundra, Ramp has been about to raise just shy of $123 million in capital in the past year alone.
According to the company, the newest injection of capital will be dispersed for use in a variety of ways: to continue to invest in the product line, add a number of local fiat currencies and payment methods, expand into new territories, and continue to expand the team size.
At least that was the position of the company a few days ago. It should be interesting to see what change of course, if any, Ramp takes.
“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,” said Ramp co-founder and CEO Szymon Sypniewicz. “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.”
With its Ramp SDK, the startup is giving any brand or partner the ability to offer crypto-enabled services all within a few hours, in stark contrast to if a similar mechanism were built in-house and set up their own on-ramping stack. Adding to the crypto-joy, when multiple brands employ Ramp’s technology, there’s no need for consumers to enter the time-consuming verification process for each individual payment gateway. One Ramp, one verification, regardless of the outlet.
Founded in 2017, Ramp received approval from the UK’s FCA in July of this year, and has received the seal of approval from US FinCen – the Financial Crimes Enforcement Network, enabling the company to legally operate in the US. and became the first on-ramping company to receive an open banking license from The Polish Financial Supervision Authority (KNF) in 2020.