Ramp targets $1B raise at $60B valuation, up from $44B in June
What's the deal? Ramp is in early talks with investors for a Series G round of about $1 billion at a roughly $60 billion valuation, according to people familiar with the efforts. The financial technology startup declined to comment.
Why now? The talks come just three months after Ramp was valued at $44 billion in a $750 million round in June. The proposed raise would lift its valuation by more than a third in a matter of months.
What's the endgame? Founded in 2019, Ramp began by helping startups simplify expense reporting. It now offers a wider mix of services for businesses, including payments processing and AI-powered fraud detection.
The numbers: Ramp had passed $1.5 billion in annualised revenue by early June, BloombergDealroom has a profile for this one. Try Dealroom → previously reported. It has raised $3 billion to date and is backed by Iconiq, Thrive Capital, and Founders Fund.
What could go wrong? The talks are ongoing and details could change, the people said. The company is considering roughly $1 billion in primary funding.
The signal: A $1 billion raise would rank in the 96th percentile among Series G rounds in its sector and region. The scale reflects investor appetite for fintech consolidation — Ramp's closest competitor, Brex, was acquired by Capital OneDealroom has a profile for this one. Try Dealroom → earlier this year for $5.15 billion.
Read more: Bloomberg
Image credit: Ramp
