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Report: Fintech Startup Ramp Said To Be Raising $200M At A $16B Valuation

Illustration of a unicorn with a green money background. [Dom Guzman]

Expense management startup is in discussions to raise around $200 million in a round of funding that would bump its valuation to about $16 billion, according to .

, an early and repeat backer, is reportedly aiming to lead the investment. Other existing investors such as and are believed to be participating as well.

New York-based Ramp has evolved into a fintech darling since its 2019 inception. The company has branched out from offering a corporate card into travel, bill pay and . It as of January of this year, sources previously told .

Just over three months ago, in early March, Ramp announced it had nearly doubled its valuation to $13 billion after .

The company declined to comment on the rumored latest financing.

To date, Ramp has secured a total of $1.2 billion in equity financing and $700 million in committed debt funding. Other investors include ,, and .

Ramp competes in a crowded space that includes the likes of , , and .

The company鈥檚 biggest revenue generator is earning interchange fees from its cards. It also makes money through transaction fees on bill payments, SaaS revenue via its Plus offering, foreign exchange from global money movement, and affiliate fees through its travel product, among other things.

If confirmed, Ramp鈥檚 latest funding would be another notch in what is turning out to be somewhat of a comeback year for fintech. On June 12, digital bank Chime made its public market debut, shooting up 37% in first-day trading Thursday on .

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