Topics
Latest
AI
Amazon
Image Credits:Viaframe(opens in a new window)/ Getty Images
Apps
Biotech & Health
Climate
Image Credits:Viaframe(opens in a new window)/ Getty Images
Cloud Computing
Commerce
Crypto
endeavor
EVs
Fintech
Fundraising
contraption
stake
Government & Policy
ironware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
Social
outer space
startup
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Expense management startupRamphas nearly double over its evaluation to $ 13 billion after a $ 150 million lower-ranking contribution sale , the companyannouncedMonday morning .
New and survive backers including VC Stripes , GIC , Avenir Growth , Thrive Capital , Khosla Ventures , General Catalyst , Lux Capital , 137 Ventures , and Definition Capital bought the secondaries from employees and early investor .
It ’s a massive jut in valuation for fintech startup , which wasvalued at $ 7.65 billionlast April when it conjure up $ 150 million in a Series D telephone extension co - conduct by Khosla Ventures and Founders Fund . With that raise , Ramp had secured $ 1.2 billion in fairness financing and $ 700 million in attached debt funding since its 2019 inception .
At that prison term , Ramp co - founder and CEO Eric Glyman say TechCrunch that Ramp counted as customer more than 25,000 companies across a variety of industries .
Today , Glyman order that Ramp has grown to over 30,000 customers and that it more than duplicate its endeavor business in the last year . He also noted that the startup has see its payment volume across card transactions and bill payment spike to $ 55 billion , up from $ 10 billion in January 2023 . Ina blog post , Glyman yell out Poshmark , Anduril , Notion , and Cursor as company that use Ramp .
Ramp also burned less than $ 2 million per month on middling in 2024 , said Glyman , who abduce “ the welfare of AI ” in its own surgical operation .
“ AI is fundamentally convert how businesses run , and we ’re ensuring our customer are at the cutting edge of this transmutation , ” he state .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Over the year , Ramp has built a name for itself in the corporal card and expense management space . It ’s branched out into locomotion , bill earnings , and , in January , releaseda young treasury productthat had it encroaching into digital bank building dominion .
For now , the private company is staying mum on its current revenue figures . In March 2023 , Glyman told TechCrunch that Ramp hear its revenue grow by 4x in 2022 — led by its fastest - grow segment of banknote pay — but was not yet profitable . ( take note : Post - publication , TechCrunch write an clause withupdated taxation figures ) .
The company crossed$100 million in annualized revenuebefore its third natal day in March 2022 and said in the summer of 2023 that it had go $ 300 million in annualized revenue . Brex in February was cover to be look its annual final tax income to reach $ 500 million in 2025 , according to a individual familiar with the troupe ’s process as cite byBloombergandThe Information . It told TechCrunch that it hasgrown its endeavor business by 80 % year - over - year . Brex says it now weigh over 150 public company as customer , admit Anthropic , Arm , Robinhood , ServiceTitan , Sonos , and Wiz .
Ramp primarily make money from interchange fee charged for every swipe with a Ramp card as well as from transaction fees on bill payments . It also earns SaaS tax income from customers who elevate to its Plus offering , through strange exchange from international money movement and affiliate fees when flight or hotels are book through its travel mathematical product , among other things .
With the addition of its Treasury product , Ramp will also earn a spread head from its bank partners on mass balance across all funds held in a client ’s occupation explanation .
The startup crossed the 1,000 employee mug by the end of 2024 , Glyman said — up from 730 at the time of its raise last April .
Looking ahead , Glyman in January said Ramp is eyeball an initial public offering in the prospicient condition .
wild leek lock in a crowded space that include the like of Brex , Navan , Mercury , and others .
Mercury is reportedly raising new investment firm in a round guide by Sequoia ata valuation of over $ 3 billion , which would be twice what it was value at in July of 2021 at the time of itslast raise , according to Bloomberg .
newsperson ’s notation : This tale was updated post - publication to clarify Brex ’s customer .
need to achieve out with a tip ? Email me at maryann@techcrunch.com or get off me a substance on Signal at 408.204.3036 . you’re able to also send a note to the whole TechCrunch crew at tips@techcrunch.com . For more secure communications , penetrate here to get hold of us , which includes SecureDrop ( instructions here ) and join to cypher messaging apps .
