This funding brings Ramp to a $3.9B valuation. Here are the top-line bullets you need to know.
Ramp, a corporate expense management platform, has raised $300M in a Series C with participation from Founders Fund, Redpoint Ventures, Thrive Capital, D1 Capital Partners, and Coatue Management, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Ramp offers various financial products, such as physical and digital corporate cards and financial management tools.
- The company reported a 1000% year-over-year increase in its transaction volume.
- Ramp has reportedly witnessed a 5x increase in the number of its cardholders this year and now caters to more than 2,000 clients, including Douglas Elliman, Clubhouse, Walther Farms, and Better, among others.
- It has increased employee count from 65 to 150 since the start of 2021.
- In August 2021, the company acquired Buyer, a negotiation-as-a-service platform provider.
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 23.4% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The market has seen a boom in funding in recent years. In Q2’21, VCs invested $30.8B in fintech companies — across 657 deals.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.