Ramp Raises $70 Million in Series B Funding Round
On November 9, the business Ramp, which specializes in providing fiat to cryptocurrency and cryptocurrency to fiat flows for various Web3 apps, made the announcement that it has successfully received $70 million in its most recent investment round. Even if the market is in its current state, the company will be able to continue its expansion thanks to a funding round that was co-led by Mubadala Capital and Korelya Capital and also included participation from Balderton Capital and Cogito Capital.

According to a press release, these funds will make it easier for the company to continue operating in the future. This will give the business the opportunity 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 the market has to offer." With the completion of this round, the total amount of capital that the company has raised in the preceding year now exceeds 120 million dollars.

Along with the infusion of additional funds, the board of directors of the company will also welcome two new members: Frederic Lardieg of Mubadala Capital will take on the role of director, while Paul Degueuse, a partner at Korelya Capital, will take on the observer role.

Enhanced Rate of Expansion
Ramp claims that it has been able to prosper despite the challenging conditions that have been present throughout the crypto winter, when other companies operating in the cryptocurrency industry have had considerable difficulties. This is because of the nature of its business model, which seeks to facilitate users' on- and off-ramping from wallet apps and Web3 applications, allowing users to purchase cryptocurrency in an easy way by using, for example, bank account deposits. This is related to the fact that this business model aims to facilitate users' on- and off-rampping from wallet apps and Web3 applications. Depending on the country, the company also supports connection with Apple Pay, Google Pay, and both Visa and Mastercard credit cards.

In point of fact, the number of employees at the company has increased by a factor of seven this year, and the volume of transactions has also increased by a factor of two hundred and forty when compared to the same time period in 2021. In a similar fashion, the total number of unique users that come from clients who incorporate Ramp's services as part of their apps saw a rise of 600%.

Szymon Sypniewicz, co-founder and CEO of Ramp, was asked about the future of the firm and its goals, and he responded as follows:

Our objective is to continue developing the necessary infrastructure in order to make Web3 user-friendly. Despite the current state of the market, we are observing a growing trend of web2 companies interested in transitioning into the web3, and we are in a unique position to assist these businesses through this transition. Because of this, we are increasing our focus on expansion.

In addition to this, Sypniewicz added that Ramp was fully dedicated to its goal for the future and that a bad market was an appropriate time for building.