This startup wants to bridge the gap between crypto and fiat currencies. Check out the 10-slide pitch deck Onramper used to raise $6 million.
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- Fiat-to-crypto aggregator Onramper raised a $6 million seed round from EQT Ventures.
- The Netherland-based startup enables companies to sell crypto directly on their websites.
- It’s now looking to bring Web 3.0 to the mainstream in an accessible way.
A startup that enables companies to allow their users to buy crypto directly on their websites has raised $6 million in seed funding.
Netherlands-based Onramper, which was founded in June 2020, has developed an API that aims to bridge fiat-to-crypto exchanges and make purchasing digital currencies much easier. Typically, buying digital coins involves going to a centralized exchange like Coinbase or Binance setting up an account, depositing money, buying crypto, and then withdrawing it to spend on the likes of NFTs or other Web3-related products.
A range of companies have emerged to solve this problem in a host of different geographies but Onramper aims to aggregate them all into a single tool, making it simpler for companies to offer crypto purchasing. Onramper’s infrastructure collects ‘fiat gateways’ — which allow fiat-to-crypto transactions — on one device, enabling users to tap into over 150 cryptocurrencies, across more than 180 countries.
Fiat — traditional currency issued by national governments — can be used to buy cryptocurrencies, but the process can be complex. Regulatory hurdles such as “know your customer (KYC)” and where a user is located can add to the difficulty of buying crypto.
Thijs Maas, the Onramper CEO, said the “binary view” that pitted fiat currencies against crypto needed to evolve.
“Instead, it’s time for a new paradigm that sees the two as core components of a single financial world,” he said. “To accomplish this, we must create new infrastructure that inherently links both worlds seamlessly.”
The round was led by EQT Ventures, which has previously invested in fintechs Cleo and Volt, with Backed VC and TRGC also participating.
With the crypto ecosystem getting more and more consumer traction, “it’s crucial to have robust and scalable fiat-to-crypto infrastructure”, as “most platforms can’t sell crypto themselves,” according to EQT partner Tom Mendoza. He now sees this as an opportunity to bring Web 3.0 to the mainstream.
Despite the crypto space emerging over 12 years ago, Maas was concerned that there wasn’t a “bridge between traditional finance and crypto”.
As NFTs, collectibles, and gaming are becoming a part of crypto applications, Maas and COO Maurits Dewina see scope for “interesting experimentation in relation to loans, derivatives, and gaming” in the metaverse. The new funds will be used to develop Onramper’s product, and quadruple the team.
Check out the pitch deck they used below.