Ramp Network Raises $70M to Provide Crypto Payments Infrastructure

Ramp Network, a U.K.-based startup offering payment infrastructure to connect crypto and traditional finance, has raised $70 million in a Series B funding round that was co-led by Mubadala Capital, an arm of one of United Arab Emirates’ sovereign wealth funds, and Korelya Capital.

The firm has now raised over $120 million in the past year. It offers a payment product that lets users buy cryptocurrencies inside any application or website, essentially the Web3 answer to services like PayPal (PYPL) or Stripe. Its customers include GameStop (GME), crypto-based fantasy sports company Sorare, play-to-earn online game Axie Infinity and Ledger, maker of hardware crypto wallets.

Ramp plans to use the capital to hire for a number of senior roles. It has about 70 open positions, which means its staff will number 200, co-founder and CEO Szymon Sypniewicz told CoinDesk in an email. The funding will also go toward adding local fiat currencies and payment methods as part of a global expansion.

“Local payment methods reduce friction and costs for lower-income regions, while being more intuitive and accessible for more people in the world,” Sypniewicz said. “This is particularly true in LatAm and Asia, both regions that have seen explosive crypto adoption, and that we consider our next strategic targets.”

As part of the investment, Mubadala Capital’s Frederic Lardieg has joined Ramp’s as a director, and Korelya Capital partner Paul Degueuse joined as an observer. Other investors in the round included Balderton Capital and Cogito Capital.

London-based Ramp was founded in 2018 by Sypniewicz and Przemek Kowalczyk, who is the product chief. Ramp said payment volumes have increased 240% year-over-year, and the number of unique users coming from integration partners rose by more than seven times.

Read more: UAE Wealth Fund Mubadala Investing in Crypto Ecosystem: CEO