Crypto startup Ramp closes £40m Series A
Polish crypto startup Ramp has raised £40m in its pursuit of becoming the ‘PayPal of cryptocurrencies’
Polish crypto startup Ramp has closed £40m ($53m) in a Series A funding round in its pursuit of becoming the ‘PayPal of cryptocurrencies’.
The round was led by London-based investment firm Balderton Capital, with existing investors NFX, Galaxy Digital, Seedcamp and firstminute Capital also participating. Angel investors Taavet Hinrikus (Wise) and Francesco Simoneshci (TrueLayer) also took part in the Series A.
The round takes the total raised by the startup to £51m ($68m) after it completed a £8m seed round back in June this year.
Ramp’s impressive growth
Ramp, which was founded in 2017 and is headquarted in both Warsaw and London, has witnessed impressive growth throughout 2021 as companies look to diversify their offerings with cryptocurrencies. It recorded a 30x growth in monthly transaction volume in the last 12 months and simultaneously tripled its team size. Ramp will use the fresh capital to further fuel its recruitment drive and expand internationally.
The startup aims to disrupt in a way similar to Stripe and PayPal, enabling its users and partners to embed crypto products and services into their platforms via its infrastructure platform Ramp SDK.
“In the same way Stripe and PayPal revolutionised ecommerce and online payments by allowing any website, app or service to embed payment infrastructure into their existing systems, Ramp is having the same impact for crypto assets and payment platforms,” the company said in a statement.
Ramp will also look to enable a similar crypto-powered service to banks and financial institutionals in the near future.
Unlocking the mainstream potential of crypto
Ramp co-founder and CEO Szymon Sypniewicz believes that there’s much more potential in digital assets that span beyond today’s use cases. “We’re on a mission to provide instant access to cryptocurrencies through a provider they can trust,” he said.
Rana Yared, general partner at Balderton, added: “We firmly believe that digital assets will create tectonic shifts, where this emerging technology will have a powerful impact across gaming, financial services, and how we own real assets.”
Yared will also join Ramp’s board as part of the funding round.