New Fintech Unicorn Ramp Lands $1.6 Billion Valuation And $115 Million In Fresh Funding From Stripe, Goldman Sachs And More

www.forbes.com
3 min read
standard
Just one year after launching, the corporate credit card company is on track to top $1 billion in transaction volume.
Ramp Cofounders Karim Atiyeh (left) and Eric Glyman (right) founded the fledgling startup just two years ago and launched it right as the pandemic started to spread across America. Ramp and Romina Hendlin

J ust one year after launching, corporate credit card startup Ramp has become fintech's latest unicorn, amassing an eye-popping $1.6 billion valuation as it received $115 million in new funding led by D1 Capital Partners and $95 billion payments goliath Stripe.

Announced on Thursday, Ramp's all-equity round brings the New York City-based company's total funding to $320 million, including $150 million in debt financing from Goldman Sachs in February. Goldman doubled-down with an equity investment in this latest round, alongside Founders Fund, Coatue Management and Thrive Capital.

"It turned out to be just an incredible year for Ramp," says Cofounder and CEO Eric Glyman, a 30-year-old Harvard College grad who bills Ramp as the first corporate card designed to help customers spend less. Like fintech competitors Brex and Divvy, Ramp offers zero fees, no interest rates and cash-back rewards with its credit card, but it also sports an expense-management platform whose algorithms analyze transactions to identify savings opportunities—a feature Glyman says helped the average client cut wasteful spending by about $100,000 over the past year.

"When March, April and May came around, this suddenly started to mean the difference between making it through…
Jonathan Ponciano
Read full article