Ramp, a New York-based financial technology startup, has secured a $150 million funding round that elevates its valuation to $13 billion.
This marks a significant rebound from its previous peak valuation of $8.1 billion in 2022 and follows a down round in 2023 that assessed the company at $5.8 billion. Notable investors in this latest deal include Khosla Ventures, Thrive Capital, and General Catalyst, reflecting a renewed interest in high-growth startups despite rising interest rates.
The financing allows some employees and early investors to cash out, a trend among private companies looking to ease pressure on themselves to go public. Recently, Stripe also announced a tender offer, valuing itself at $91.5 billion, indicating a similar strategy.
Ramp specializes in AI-driven financial software, offering services that include credit cards and expense automation. CEO Eric Glyman highlighted that many of its customers are seeking ways to cut costs during a time of corporate budget tightening. This funding round underscores Ramp’s resilience and its growing role in the financial technology sector.
Source (CNBC)
