Payments startup Ramp secures USD 750 mln funding round

Tuesday 22 March 2022 10:33 CET | News

US-based payments startup Ramp has raised USD 750 million in a funding round that put the fintech’s valuation at USD 8.1 billion.

Ramp has been building its finance platform for businesses, including a corporate card that tracks employees’ expenses and a bill-pay service. The company bought procurement platform Buyer last year, and now handles more than USD 5 billion of payments volume on its platform annually.

The business plans to use the new funding to build its team, keep up with growth, and maintain some capital in case another deal comes up. Company officials stated that the funding is keeping up with the company’s growth pace, and they plan on forging new partnerships in the future.

The company’s customers include payments platform Marqeta and Truebill, which helps users track bills, monitor, and cancel paid subscriptions. The company has no current plans to go public but will evaluate all options.

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Keywords: startup, funding, expansion, Marqeta, spend management
Categories: Payments & Commerce
Countries: World
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