Ramp Valuation Hits $13 Billion Post Share Sale

Ramp, a fintech startup specializing in corporate cards and expense management software, has nearly doubled its valuation to $13 billion following a $150 million secondary share sale. This financial milestone was achieved with participation from prominent investors such as GIC, Thrive Capital, and Khosla Ventures, highlighting a renewed investor interest in high-growth startups. Ramp, founded in 2019, has expanded its offerings to include products for procurement, travel, and treasury, processing over $55 billion in annualized payments for more than 30,000 businesses. The company's growth strategy places a significant emphasis on AI, which is expected to drive the next wave of financial operations automation. Despite not disclosing current revenue figures, Ramp is reportedly on track to become cash-flow positive, aligning with its mission to optimize financial operations for its clients. The secondary sale allows some employees and early investors to cash out, a move that might delay Ramp's potential IPO plans.