Onramp, a bitcoin-centric financial services platform built on Multi-Institution Custody (MIC), announced it has raised a $12.5 million Series A round at a $135 million valuation led by Early Riders, with participation from strategic angel investors. The Austin-based company said it now custodies more than $1 billion in assets and has experienced zero security incidents since its founding.
The company plans to use the funding to scale Onramp Finance, its neo banking-like financial platform, while expanding partnerships with banks, registered investment advisors, regulated financial institutions, and digital-native fintechs. Onramp also plans to accelerate the expansion of its Multi-Institution Custody infrastructure by onboarding additional regulated custodians worldwide.
Onramp developed MIC as an alternative to traditional single-custodian bitcoin storage models and self-custody solutions. The architecture distributes key control across multiple regulated entities while maintaining on-chain verifiability and reducing operational complexity for clients. The company currently works with partners including BitGo, Coincover, and Tetra Trust to provide custody services for individuals, businesses, RIAs, and institutional investors.
Since launching in April 2023, Onramp has expanded beyond custody into a broader bitcoin-focused financial services platform. Through Onramp Finance, customers can access MIC-secured bitcoin custody, bitcoin brokerage services across all 50 states, cash accounts offering rewards up to 5%, a spending card with cash-back rewards, bitcoin IRAs, and direct gold access.
The company said the new funding will primarily support two areas:
- Engineering and product development, including expansion of the Onramp Finance platform, treasury solutions, and infrastructure needed to license MIC technology to other regulated custodians.
- Sales, marketing, partnerships, and business development initiatives aimed at onboarding more clients, enabling white-label offerings for RIAs and financial institutions, and adding new custodian partners globally.
Onramp also announced the appointment of David Thayer, retired partner at Blackstone, as a strategic advisor as the company expands its infrastructure licensing efforts into traditional finance markets.
The funding follows the April 2026 launch of Onramp Finance, which made the company’s full financial platform available nationwide in the United States. The platform is built on MIC infrastructure across Onramp, BitGo, Coincover, and Tetra Trust, and includes insurance coverage through Lloyd’s of London.
KEY QUOTES:
“We built Onramp for people who measure outcomes in decades. That means cash that earns, bitcoin held the right way, gold ownership, retirement accounts, and inheritance planning all sitting under one roof on infrastructure that is built to last. 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.”
Michael Tanguma, Founder and CEO, Onramp
“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. We’ve backed the company to turn proven demand into the industry standard, and to give every firm building in bitcoin a way to plug in and offer their clients the same caliber of security and service.”
Liam Nelson, Partner, Early Riders
“I spent the last twenty years of my career on a team carefully and successfully evaluating infrastructure businesses. The ones that endure are built to thrive under the conditions they were designed for – while adapting to those they weren’t designed for. As institutional capital moves into Bitcoin, the custody question becomes practically the only question that matters. The simpler approach is always better: hold Bitcoin, and hold it tight and right. 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.”
David Thayer, Retired Partner, Blackstone, And Strategic Advisor, Onramp
