Ramp raises USD 70 million in Series B funding round

Apart from being co-led by Mubadala Capital and Korelya Capital, the funding round also saw the participation of Balderton Capital and Cogito Capital. This new infusion of capital brings Ramp’s total raised in the last 12 months to USD 122.7 million, an achievement earned despite the current state of the crypto market. The closing of the round was revealed on stage during Token2049 London. 

The company aims to invest further into its product line, add local fiat currencies and payment methods, and expand into new territories. According to crowdfundinsider.com, Ramp’s transaction volumes in 2022 have increased by almost 240% compared to the same period in 2021 while the total number of unique users coming from their integration partners has increased by over 600%. 

Ramp’s representatives cited by the same source revealed the company’s plans to help web2 companies looking to move into Web3 despite current market conditions.

What has Ramp been up to lately? 

In June 2022, Ramp has added Apple Pay as a payment option for its US users in 36 states. The mobile payment option, which is available to consumers on Ramp in the UK and countries within the European Union, allows Ramp’s partners to benefit from a wider coverage. The integration came in the context of rising contactless digital payment methods adoption as a result of the global pandemic. According to eMarketer, around half of all smartphone users in the US are expected to use mobile payments by 2025. 

In March 2022, Ramp has partnered play-to-earn game DeFi Kingdoms to bring in-game payment experience to players. Originally built on the Harmony blockchain platform, DeFi Kingdoms plays out in a form of fantasy pixel art. The DeFi Kingdoms ecosystem includes a game, an exchange, a native token, hero Non-Fungible Tokens (NFTs), and a liquidity pool. 

Through the Ramp partnership, DeFi Kingdoms players can use multiple fiat-to-crypto payment options and top up their wallets or dApps within the game. The integration gave players a secure way to make in-game purchases on Harmony ONE, the platform on which the game’s governance token, JEWEL, can be traded.