Ramp hits $ 300 million valuation in Series A raise: sources
Warsaw-based crypto startup Ramp has closed a $ 30 million Series A fundraiser led by UK venture capital firm Balderton Capital, according to three people familiar with the deal.
The crypto-ramp specialist, which bills itself as the “PayPal for crypto”, is now valued by investors at $ 300 million.
Ramp and Balderton were contacted for comment but did not respond until press time.
The news comes less than four months after Ramp’s $ 9 million fundraiser. This round, led by venture capital firm NfX and Mike Novogratz’s Galaxy Digital, has attracted a host of high-profile fintech investors, including former TransferWise CEO Taavet Hinrikus, former CTO of Coinbase Balaji. S. Srinivasan and ComplyAdvantage Founder and CEO Charles Delingpole.
A source close to Ramp said the company has generated a lot of traction since its fundraising, attracting the attention of larger investors “without wanting to increase.”
Founded in 2017, Ramp aims to help clients more easily transfer fiat money into crypto assets, be it bitcoin or NFT. The startup does this with a non-custodial payment infrastructure that exchanges, markets, and wallets can integrate to help their users buy crypto.
Szymon Sypniewicz, co-founder and CEO of Ramp, told The Block in June that the startup wanted to “radically simplify” the onboarding process.
Ramp is headquartered in London and overseen by the UK’s Financial Conduct Authority, but most of its operations are managed from Poland. It is one of thirteen crypto operators to have been added to the FCA’s anti-money laundering registry.
The startup’s first fundraiser took place in 2018 – a $ 1.2 million pre-seed round from investors such as Fabric Ventures, Firstminute Capital, Seedcamp and MakerDAO.
Its rivals include Wyre in the United States and MoonPay. The source close to Ramp said the startup – “a small team from Warsaw with a chip on their shoulders” – is trying to differentiate itself by focusing on growth and network effects on short-term earnings.
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