Onramp Raises $12.5M Series A at $135M Valuation to Scale Bitcoin Platform

Onramp, a bitcoin-centric financial services company based in Austin, Texas, announces a $12.5 million Series A funding round led by Early Riders at a $135 million valuation. The investment aims to support Onramp’s growth in scaling its Multi-Institution Custody (MIC) platform, expanding partnerships with regulated financial institutions, and enhancing its bitcoin-focused financial offerings.

Founded in 2023, Onramp has quickly established itself as a secure custodian, currently holding over $1 billion in assets under custody with zero security incidents since inception. The company’s MIC architecture distributes custody control across multiple independent regulated entities, including partners BitGo, Coincover, and Tetra Trust, mitigating the risks associated with single-custodian models.

Onramp’s platform integrates bitcoin custody with neo banking-like services through its Onramp Finance offering, launched in April 2026. This unified platform provides clients with MIC-secured bitcoin accounts, low-cost bitcoin brokerage available in all 50 states, bitcoin IRAs, cash accounts offering up to 5% rewards via a partnership with Bridge, a spending card with up to 1.5% cash back, and direct access to gold.

Michael Tanguma, Founder and CEO of Onramp, emphasizes the platform’s long-term vision: “We built Onramp for people who measure outcomes in decades. MIC is more than custody. It’s a new design surface for lending, IRAs, prime brokerage, and the financial products bitcoin holders have been waiting for. Custody is just the starting point.”

Early Riders’ partner Liam Nelson highlights the significance of Onramp’s custody model: “Bitcoin’s long-term success hinges on solving custody in a way that eliminates the single points of failure that have hindered the industry to date. Onramp’s Multi-Institution Custody model is the most credible answer we’ve seen, and the clearest path to a category-defining business.”

The Series A proceeds will be allocated primarily to engineering and product development, focusing on enhancing the Onramp Finance platform, expanding corporate treasury solutions, and licensing the MIC infrastructure to other regulated custodians. Additionally, funds will support sales, marketing, and business development efforts aimed at onboarding new clients, enabling RIAs and financial institutions to offer white-label versions of Onramp’s technology, and growing the MIC custodian network.

Onramp operates as an AI-native, lean organization with operational efficiency surpassing legacy custodians in assets under custody per employee. The company’s client base spans individuals, businesses, and institutional investors globally, including the UK’s Cartwright pension fund, which selected Onramp as its bitcoin custodian.

David Thayer, retired partner at Blackstone and newly appointed strategic advisor to Onramp, underscores the platform’s robustness: “As institutional capital moves into Bitcoin, the custody question becomes practically the only question that matters. Onramp built the architecture that makes this approach accessible to serious capital at any scale – experiencing zero security incidents while attracting over a billion USD under custody.”

The investment strengthens Early Riders’ position in the digital asset custody market by integrating Onramp’s secure custody platform and expanding its reach through global partnerships. The deal also intensifies competitive pressure on other custody providers, potentially accelerating industry consolidation and innovation in security and compliance.

Looking ahead, Onramp plans to continue scaling its platform, deepen fintech and institutional partnerships, and establish MIC as the industry standard for bitcoin custody. The company’s strategic focus on security, scalability, and product integration positions it to capitalize on growing institutional adoption of bitcoin and digital assets.