Ramp buys treasury platform Vesto after $1.85B raise
What's the deal? Expense management fintech Ramp has acquired Vesto, a New York-based treasury management platform, for an undisclosed sum. Vesto, founded by Benjamin Döpfner in 2022, gives businesses a single dashboard to view all their bank accounts in one place.
What's the endgame? Once integrated, Ramp customers can categorise and analyse insights from Ramp checking and investment accounts alongside more than 12,000 other institutions and banking platforms, including Bank of America CashPro, JP Morgan Access, CitiDirect, and Wells Fargo Vantage.
What changes? Ramp says Vesto's technology will help customers forecast cashflow, "so you can see future liquidity, anticipate shortfalls, and put excess cash to work". Döpfner will join Ramp's product team.
Why now? The deal lands shortly after Ramp applied to the Office of the Comptroller of the Currency for a national trust bank charter. It also follows a week after the fintech raised $1.85 billion at a $60 billion valuation.
The signal: Ramp is building out banking and treasury tools to deepen its grip on corporate finance workflows. "Give teams a complete view of their cash in the finance platform they already use every day," Döpfner said — a push to keep customers from leaving its ecosystem.
Read more: fintechfutures.com
Image credit: Generated with Gemini
