Ramp is holding preliminary conversations with investors about a fresh financing that would price the company near $60 billion, according to people familiar with the discussions. One person said the company is considering around $1 billion in primary funding. The talks are ongoing, details might shift, and one person requested anonymity because the information is not public. Ramp declined to comment.
Launched in 2019, Ramp started by making expense reporting easier for startups. It has since widened its toolkit for businesses to include payments processing and AI-driven fraud detection. By early June, Bloomberg reported the company had already topped $1.5 billion in annualized revenue. The latest conversations come only about three months after investors valued Ramp at $44 billion.
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So far, Ramp has brought in $3 billion across rounds, including a $750 million raise in June. Its investor list features Iconiq, Thrive Capital and Founders Fund. On the competitive front, Capital One Financial Corp. snapped up Brex for $5.15 billion earlier this year.
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