Image credits: Onramper
Onramper, an Amsterdam-based fiat-to-crypto gateway aggregator, announced on Wednesday that it has secured $6M (approx €5.3M) funding in Seed Round led by EQT Ventures, with participation from Backed VC and TRGC.
The latest funding will enable the Dutch company to accelerate the product roadmap and quadruple headcount over the next six months.
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What does Onramper solve?
To access cryptocurrency and related Web 3.0 services like NFT art, decentralised finance, and more, numerous users rely on centralised exchanges, such as Coinbase or Binance.
However, it involves tedious processes like going through KYC, depositing fiat, buying crypto, subsequently downloading a wallet and withdrawing the crypto to the wallet, and much more.
To tackle these challenges, fiat gateway companies emerged to provide fiat-to-crypto on-ramping infrastructure for any crypto-platform.
But it has its challenges like bad geographical coverage, high KYC friction, high fees, and low authorisation rates. This has created a need for better infrastructure.
Here’s where Onramper comes into play.
Commenting on the news, Thijs Maas, CEO at Onramper, says, “To unlock all the benefits of cryptocurrency and Web 3.0 and empower people with access to the future of finance globally, we need to evolve beyond the common binary view that pits fiat vs. crypto. Instead, it’s time for a new paradigm that sees the two as core components of a single financial world. To accomplish this, we must create a new infrastructure that inherently links both worlds seamlessly. This core to Onramper’s mission is to help build and access the decentralised world, making the transition to a truly open financial future as frictionless as possible. But onramping is about more than just making fiat-to-crypto infrastructure. It’s about onboarding any user onto Web 3.0, eventually, without them even noticing.”
Onramper: What you need to know
Founded in June 2020 by Thijs Maas (CEO), Salah Abdelbaki (CTO), and Maurits Dewina (COO), Onramper aims to bridge the world of fiat and cryptocurrency by providing a gateway aggregator.
As an aggregator, Onramper provides access to all fiat gateways in one widget, which is free to use and fast to integrate.
Moreover, Web 3.0 companies can build their flow through Onramper’s robust yet simple API, reducing many months of work to mere hours.
Through Onramper’s infrastructure, businesses and users are able to get instant access to more than 150 cryptocurrencies across 180+ countries and 20+ payment methods.
As per the company’s claims, it has achieved 100 per cent Compound Monthly Growth Rate (CMGR), with over 400 fully onboarded clients and a new B2B2C live solution.
Investor
Based out of Luxembourg EQT Ventures is a multi-stage VC fund that partners with the most ambitious and boldest founders in Europe and the US. The company helps the next generation of entrepreneurs with the capital and hands-on support needed to build global winners.
Tom Mendoza, Deal Partner at EQT Ventures, adds, “We are deeply convinced that the next millions of users coming into the crypto ecosystem will come from applications and games that are yet to be built. To successfully onboard these users into the ecosystem, it will be crucial to have a robust and scalable fiat-to-crypto infrastructure. Crypto-based platforms need fiat-to-crypto conversion to onboard users — but most platforms can’t sell crypto themselves. When meeting with the Onramper team, we instantly aligned with their ambition to provide a service synonymous with rapid implementation, ease of use, and cost-efficiency. I can’t wait for the next chapter.”
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