Recently, Ramp had organized a series B financing round. It was announced that $ 70 million was obtained in the investment round managed by the partnership of Mubadala Capital and Korelya Capital. Also among the tour participants were names such as Balderton Capital and Cogito Capital.
With this new round, the amount of funding the company has received in the last 12 months totaled approximately $ 123 million. According to the company’s statement, this fund will invest more in Ramp’s product range, add local fiat currencies and payment methods, expand into new regions, and will be used to recruit the most talented people in the market.
Growth Even in Difficult Market Conditions
Ramp has experienced significant growth this year despite the bear market conditions. The transaction volume in 2022 has increased by approximately 240% compared to the same period in 2021. In addition, the total number of unique users from integration partners has increased by 600%.
Although layoffs and hiring freezes are the norms in the industry during the bear market, Ramp’s number of employees increased sevenfold compared to last year to over 200 people.
Szymon Sypniewicz, co-founder and CEO at Ramp : ‘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.’
New Members to the Board of Directors
Following the Series B investment round, Frederic Lardieg, who is part of Mubadala Capital, is appointed as a manager to the board of directors.
Lardieg Frederic said: ‘Ramp has established a clear lead in the crypto gaming space by delivering a superior user experience, conversion rates and leading strong regulatory compliance. We’re deeply impressed with the company’s team and growth tragedy and we’re thrilled to support the management in its vision to make web3 easier to access.’
Likewise, Paul Degueuse, a partner at Korelya Capital, is joining Ramp’s board as an observer.
Paul Degueuse the following about developments: ‘Web3 needs a strong, compliant and easy-to-use on-ramping of your onboarding solution to enable the next wave of users, and can play a decisive role in the mass market space, we believe the ramp with the potential to become a key infrastructure globally. Korelya will be supporting the team in its Asian expansion, one of the largest markets for web3 applications.’
Ramp is a non-custodial, full-stack payment infrastructure. Its mission is to solve real-world problems in a fast-moving industry to make Web3 a reality and bring about the internet of value.
About Mudabala Capital
Mubadala Capital is the wholly-owned asset management subsidiary of Mubadala Investment Company, a $284 billion global independent investor headquartered in Abu Dhabi. . A total of $17 billion on own balance sheet investments and third-party equity instruments on behalf of institutional investors, including four private equity funds, three early-stage venture funds and two funds in Brazil focused on special circumstances. Mubadala Capital has offices in New York, San Francisco, London, Rio de Janeiro and Abu Dhabi.
About Korelya Capital
Founded and managed by Fleur Pellerin, former French Minister of Digital Economy and Culture, and Antoine Dresch, Korelya Capital is a €500 million late-stage venture fund with management and offices in Paris, London and Seoul. Since its launch in 2016, Korelya Capital has invested significantly in several European tech champions (Vestiaire Collective, Glovo, Bolt, Ledger…) who have become global category leaders. Korelya Capital supports European technology companies in achieving their global goals, especially with the valuable support it provides through its extensive network.
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