Fintech Nexus Newsletter (April 18, 2024): Ramp closes $150m funding round
More positive signs for fintech as spend management unicorn Ramp closed another large funding round.
The $150 million was officially called a Series D extension, but it comes at a $7.65 billion valuation, a significant improvement over the $300 million raised for the initial Series D, which was at $5.8 billion. They are still below the $8.1 billion valuation from 2022 but are getting closer.
Ramp has continued to grow during the fintech downturn, tripling its revenue run rate from March 2022 to summer 2023. The company now has 730 employees, up from 495 a year ago.
The money will be used to “triple down” on innovation, including using AI capabilities “to automate cumbersome processes, provide deeper insights into spending, enhance decision-making capabilities, and more.”
This is yet another positive sign of the turnaround in fintech funding. Good companies are getting funded at higher valuations than late 2022 or 2023.
Featured
> Ramp raises another $150M co-led by Khosla and Founders Fund at a $7.65B valuation
By Mary Ann Azevedo
Spend management startup Ramp has raised another $150 million at a post-money valuation of $7.65 billion, the company confirmed to TechCrunch today. New investor Khosla Ventures and existing backer Founders Fund co-led the raise, which also included participation from new backers Sequoia Capital, Greylock and 8VC.
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