Ramp closes $70M Series B fundraise led by Mubadala Capital and Korelya Capital
Summary
We plan on using this funding 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 in the market.Even within the context of a bear market, weve experienced substantial growth over the past year.Our transaction volumes in 2022 (year to date) have increased by almost 240% compared to the same period of 2021. Meanwhile, the total number of unique users coming from our integration partners has increased by over 600%.While layoffs and hiring freezes have been the norm across the industry, the number of employees at Ramp has increased seven-fold in the last year, to more than 200 today.Recent strategic hires include ex-HSBC Mary Ann Moffat as Chief Financial Officer, and Citibank alumni Steven Eisenhauer as Chief Compliance Officer.Our goal is to keep building infrastructure to make Web3 easy and accessible. -- Paul Degueuse, partner at Korelya Capital.Previous investors such as Balderton Capital, Firstminute Capital, Galaxy Digital Ventures, NFX, and Seedcamp participated in Ramps $52.7m Series A and $10m Seed Round.The news has been well-received by the media, despite a busy news cycle and recent crypto drama - bucking the negative trend a bit. Mubadala Capital has offices in New York, San Francisco, London, Rio de Janeiro, and Abu Dhabi.Founded and chaired by Fleur Pellerin, former French Minister of Digital Economy and Culture, and Antoine Dresch, Korelya Capital is a late-stage venture fund with 500m under management and offices in Paris, London, and Seoul. Since its launch in 2016, Korelya Capital has notably invested in several European tech champions that became global category leaders (Vestiaire Collective, Glovo, Bolt, Ledger).
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