(Reuters) – Ramp, a fintech startup that offers corporate cards and software for managing employee expenses, was valued at $13 billion after signing a cash out deal for its investors and some employees, further signaling renewed investor appetite in high-growth startups.
The five-year-old startup hit the new valuation as it sold $150 million worth of its secondaries to investors including Singaporean wealth fund GIC, Thrive Capital, Khosla Ventures and General Catalyst, Ramp said in a statement on Monday.
Ramp joins other startups in allowing employees to cash out their shares, a move that could delay the companies’ IPO plans.
Last week, Stripe announced a tender offer for employees and shareholders that valued the company at $91.5 billion, nearly 41% higher than its valuation a year ago, potentially delaying the fintech firm’s ambitions of going public.
Ramp serves over 30,000 customers, from family farms to space startups, and powers over $55 billion in annualized payment volume across card transactions and bill payments, up from $10 billion in January 2023, the company said.
“With AI deeply embedded in its roadmap, Ramp is uniquely positioned to lead the next wave of automation across the full stack of financial operations,” said Ken Fox, founder and managing partner at Stripes.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Alan Barona)
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