Amit Jain’s new Web3 venture raises $25Mn

Amit Jain, who recently quit as a Managing Director at Sequoia Capital India, has raised about $25 million for his new venture named Zamp, valuing the startup at almost $160 million. The startup is building banking and payments for the crypto economy, and is currently in stealth mode.

The round also saw participation from Uber CEO Dara Khosrowshahi, SoftBank COO Marcelo Claure, Polygon founder Sandeep Naliwal, Coinbase board member Gokul Rajaram, former Facebook executive Kirthiga Reddy, Juspay and Hyperface founder Ramanathan RV, and Reckitt Benckiser CEO Laxman Narasimhan.

Amit Jain was the Managing Director at Sequoia Capital, where he led several fintech investments. Prior to that, he was head of Uber-Asia Pacific. The company’s website says, “Zamp is building at the intersection of global banking - helping businesses innovate and be at the forefront of consumer demand for digital goods, in a regulatory and compliant way across borders.”

In one of its hiring posts, it said, “Our mission is to provide a seamless and borderless experience across banking, payment and credit services, leveraging the best of crypto and banking rails. To execute on the mission, we are systematically investing in product innovation across a multitude of banking services – cards/non-cards payments, credit, crypto payments, custody, integrations.”

In February this year, Jain announced that he is stepping down from his position as MD to pursue entrepreneurship. In its statement on Twitter, Sequoia wrote: “Amit is launching a startup with massive potential in an exciting category. He will stay on with us for some time as an Entrepreneur in Residence as he lays out the blueprint for his ambitious new idea.”