Payments infrastructure crypto startup Ramp closed a Series A funding deal led by Balderton Capital, with participation by existing backers NFX, Galaxy Digital, Seedcamp, Firstminute Capital and angel investors Wise co-founder Taavet Hinrikus and TrueLayer’s Francesco Simoneschi.
The funding round led to the appointment of Balderton’s general partner Rana Yared to the Ramp board of directors, according to multiple media reports on Tuesday (Dec. 15). Yared said that Ramp makes it simple for new audiences to purchase digital assets as easily as buying U.S. dollars.
Ramp allows its partner brands to offer crypto-enabled services and said it takes developers just a few hours to integrate their decentralized applications, or DApps, with its software. The company has regulatory approval in the U.S., U.K., and Poland, and works with more than 40 partners.
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Headquartered in Warsaw, Poland, and London, Ramp has seen monthly transaction volumes grow 30 times over the last 12 months. The company was set to notch $30 million at a $300 million valuation, according to sources. But a Ramp spokesperson indicated that bigger funding was sought from earlier negotiations. The company’s valuation at that time wasn’t revealed.
Founded in 2017, Ramp refers to itself as the “PayPal for crypto” and offers a non-custodial payment infrastructure that delivers an easier way for marketplaces and wallets to purchase crypto and other digital assets.
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Ramp’s Series A follows its $9 million seed round in June.
Szymon Sypniewicz, Ramp’s co-founder and CEO, said the company is targeting partnerships in mass-market consumer tech firms like Mozilla and Opera, NFT and gaming platforms like Sorare and Axie Infinity, and crypto platforms.
“More broadly, the market opportunity for us is really with the advent of web3 — and we’re looking at partnerships, products and collaborations that will play a role in the mainstream adoption of decentralized applications,” he added.
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