Ramp, which offers crypto payments infrastructure, has raised $70m in a Series B investment round jointly led by Mubadala Capital and Korelya Capital.

The fundraise, which was also joined by Balderton Capital and Cogito Capital, increased the capital secured by Ramp in the last 12 months to $122.7m.

The company expects to use the fresh infusion to further develop its products as well as include local fiat currencies and payment systems.

It also plans to foray into new regions and increase its employee headcount using the funds.

Mubadala Capital’s Frederic Lardieg has become a director on Ramp’s board as part of the investment.

Korelya Capital partner Paul Degueuse also joined the company’s board in the role of an observer.

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Ramp co-founder and CEO Szymon Sypniewicz said: “Our goal is to keep building infrastructure to make Web3 easy and accessible.

“Despite current market conditions, we see a growing trend of web2 companies looking to move into Web3, and we’re uniquely positioned to help them through this transformation. That’s why we’re doubling down on growth.

“A bear market is a builder’s market, and we’re fully committed to our vision.”

Ramp said that it saw considerable growth over the last year even amid the crypto bear market.  

So far this year, the firm’s transaction volume was nearly 240% higher than the same period of last year.

The total number of users originating from Ramp’s integration partners surged by more than 600%, stated the firm.

Previously, Ramp raked in $52.7m and $10.1m through Series A and Seed round, respectively.