Crypto Payments Firm Ramp Network Raises $70 Million

An arm of one of the sovereign wealth funds of the United Arab Emirates, Mubadala Capital, and Korelya Capital jointly led a Series B funding round to raise $70 million for Ramp Network, a startup with offices in the United Kingdom that provides payment infrastructure to link cryptocurrencies and traditional finance.

Ramp intends to use the funding to fill several senior positions. As part of a global expansion, the funding will also be used to add regional fiat currencies and payment options.

The main offering of Ramp is its software development kit, which enables customers to purchase cryptocurrency via debit and credit cards, bank transfers, Apple Pay, and other on- and off-ramp payment methods. Its rival Wyre was the target of a botched acquisition attempt by fintech company Bolt, which pulled out of the $1.5 billion transaction in September.

Co-founder and CEO Szymon Sypniewicz stated:

“Local payment methods reduce friction and costs for lower-income regions, while being more intuitive and accessible for more people in the world,” said. “This is particularly true in LatAm and Asia, both regions that have seen explosive crypto adoption, and that we consider our next strategic targets.”

Frederic Lardieg of Mubadala Capital and Paul Degueuse of Korelya Capital both joined Ramp’s as directors as a result of the transaction. Balderton Capital and Cogito Capital were among the additional investors in the round.

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