Ramp’s Valuation Soars to $13 Billion Amidst Strategic Growth

New updates have been reported about Ramp (PC:RMPVK)

Ramp, a prominent player in the expense management sector, has significantly increased its valuation to $13 billion following a $150 million secondary share sale. This development marks a substantial rise from its previous valuation of $7.65 billion in April of the previous year. The recent share sale saw participation from both new and existing investors, including Stripes, GIC, and Thrive Capital, among others. This financial milestone underscores Ramp’s robust growth trajectory since its inception in 2019, during which it has amassed $1.2 billion in equity financing alongside $700 million in committed debt funding.

Under the leadership of co-founder and CEO Eric Glyman, Ramp has expanded its customer base to over 30,000 companies, reflecting a significant increase from the 25,000 reported last year. The company has also witnessed a remarkable surge in payment volume, reaching $55 billion in card transactions and bill payments, a notable jump from $10 billion earlier this year. Ramp’s strategic expansion into areas such as travel, bill pay, and treasury products has further solidified its position in the fintech landscape. Despite its rapid growth, the company maintains a lean operational model, averaging less than $2 million in monthly burn rate, attributed to the integration of AI technologies. Looking ahead, Ramp is contemplating a potential IPO, signaling its ambitions for further expansion in a competitive market that includes rivals like Brex and Mercury.