Crypto banking and payments platform Zamp raises $25 mn in funding led by Sequoia Capital

• ByStartupStory     |    July 16, 2022

Amit Jain, who just left his position as managing director at Sequoia Capital India, has raised around $25 million for his startup, Zamp. According to a person with knowledge of the matter, the round, which was led by Sequoia Capital and a number of prominent individual investors, valued Jain’s startup at close to $160 million.

Dara Khosrowshahi, the CEO of Uber, SoftBank COO Marcelo Claure, Sandeep Naliwal, the founder of Polygon, Gokul Rajaram, a board member of Coinbase, Kirthiga Reddy, a former employee of Facebook, Ramanathan RV, the founder of Juspay and Hyperface, and Laxman Narasimhan, the CEO of Reckitt Benckiser, have all contributed to this round of funding.

According to the company’s LinkedIn page, Jain’s venture, which is presently operating in stealth mode, is creating “banking and payments for the crypto economy.” According to the company’s website, Zamp is “creating at the nexus of global banking” by assisting companies with cross-border innovation and being at the forefront of consumer demand for digital goods.

The business stated that Zamp is creating at the junction of Web2 and Web3/Crypto in one of its employment advertisements. “Our goal is to offer a smooth, cross-border experience for banking, payment, and credit services by utilising the top banking and cryptocurrency rails. We are methodically investing in product innovation across a variety of banking services, including credit, crypto payments, cards/non-cards payments,  custody, and integrations in order to carry out the mission.”

Jain revealed in a series of tweets on the microblogging website Twitter in February of this year that he is leaving his role as MD to explore entrepreneurship. Sequoia stated on Twitter that Amit was launching a firm with enormous potential in a fascinating industry. He will continue working with us as an Entrepreneur in Residence as he develops the framework for his ambitious new concept. Despite how much we will miss him, we are quite hopeful for the future.

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