Ramp aiming for $16 billion valuation on $200 million fund raise

Expense management startup Ramp is in discussions to raise around $200 million in a round of funding that would lift its valuation to about $16 billion.
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As reported by The Information, Founders Fund, an early and repeat backer, is reportedly aiming to lead the investment. Other existing investors such as Sands Capital and Khosla Ventures are believed to be participating as well.
Founded in 2019 as a corporate card, Ramp has evolved into a comprehensive system of operations for finance teams. Last year, it launched procurement, travel and treasury product lines and executed over $55 billion in annualised payment volume for its 30,000+ US business clients.
The company claims to have saved customers $2 billion and 20 million hours through its products.
In March, the firm hit a $13 billion valuation after investors purchased $150 million in secondaries from employees and early backers.
To date, Ramp has secured a total of $1.2 billion in equity financing and $700 million in committed debt funding. Other investors include General Catalyst, Stripe, Citi and Sequoia Capital.

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