Fintech Ramp, a corporate card and expense management startup, is raising capital at a $5.5 billion valuation. The round is being led by Thrive Capital, with participation from Coatue Management, Goldman Sachs, Iconiq Capital, and D1 Capital Partners.
Ramp was founded in 2019 by Eric Glyman, Gene Lee, and Karim Atiyeh. The company offers a corporate card and expense management platform that helps businesses track and manage their spending. Ramp’s platform is designed to be easy to use and integrates with popular accounting software, such as QuickBooks and NetSuite.
Ramp has seen rapid growth in recent years. The company’s revenue is expected to reach $100 million in 2023. Ramp has also raised over $1 billion in funding to date. The funding round comes at a time of rapid growth for the FinTech industry. FinTech startups are using technology to disrupt traditional financial services, such as banking and payments.
Ramp is one of many FinTech startups that are raising capital at high valuations. The funding round for Ramp is a sign of confidence in the company’s growth prospects. Ramp is well-positioned to capitalize on the growing demand for corporate card and expense management solutions.
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Some Points about the Fintech Ramp- For Better Understanding
- Ramp is a fintech startup that offers corporate cards and software for managing employee expenses.
- The company’s platform is used by over 5,000 businesses, and its revenue grew nearly tenfold in 2021.
- Ramp makes money by taking a share of the fees merchants pay on every transaction through its card.
- Ramp’s competitors include American Express
- Ramp has raised $750 million in financing from major existing investors plus some new ones in March 2022, which led to its previous valuation of $8.1 billion.
- The company’s valuation has climbed steadily, and it reached unicorn status with a $115 million round in early 2021.
- Ramp’s customer base is up 7x, and cardholder growth is up 15x year-over-year.
- Ramp’s new valuation of $5.5 billion is a down round, which means that the company’s valuation has decreased from its previous valuation.
Scoop: Fintech startup Ramp is cutting its valuation 30% to $5.5 billion in a new round. Thrive Capital is leading. https://t.co/SXE9abuYEs
— Kate Clark (@KateClarkTweets) August 17, 2023
Overall, Ramp is a fast-growing fintech startup that offers corporate cards and software for managing employee expenses. The company has seen significant growth in its customer base and revenue, and it has raised significant funding from major investors. However, its recent down round suggests that the company’s valuation has decreased, which may be a cause for concern for investors.
