The world of fintech has been awash in rumors about Ramp, the corporate management startup that has made waves with its multimillion-dollar funding rounds over the last twelve months. In February, news arose from The Information regarding not only a massive equity boost, but also a valuation more than double what it pulled in last August.
As of late March 2022, the rumors can be put to rest; according to Ramp leadership, it’s all true. In a round of equity financing led by Founders Fund (its fourth such fundraise), Ramp has brought in $550 million in debt as well as $200 million in equity, leading to a full valuation of $8.1 billion.
While the pace of its growth is impressive, it may not be surprising, considering Ramp’s rapid expansion since its inception about two years ago. In a statement concerning the most recent valuation, Co-Founder and Chief Executive Officer Glyman indicated that Ramp’s year-over-year revenue increased nearly tenfold over 2021.
“It took us over two years to reach 10,000 cumulative cardholders, and now we are adding that many in a month,” Glyman said of the company’s continued growth.