Ramp in Talks for New Funding at $60 Billion Valuation

Ramp is in early talks with investors for a new round of funding at a roughly $60 billion valuation, according to people familiar with the efforts, just three months after the financial technology startup was valued at $44 billion. The company is considering raising about $1 billion in primary funding, said one of the people, who spoke on condition of anonymity as the information is not public. The talks are ongoing and details could change, the people said.

Ramp declined to comment.

Founded in 2019, Ramp initially focused on helping startups simplify expense reporting. It now offers a wider mix of services for businesses, including payments processing and AI-powered fraud detection.

Ramp has raised $3 billion to date, including a $750 million round in June. The company is backed by a number of prominent venture firms, including Iconiq, Thrive Capital and Founders Fund.

Ramp had passed $1.5 billion in annualized revenue by early June, Bloomberg previously reported. Its closest competitor, Brex, was acquired by Capital One Financial Corp. earlier this year for $5.15 billion.