"Ramp ended its red-hot summer with one more coup. The six-year-old fintech startup hit $1 billion in annualized revenue as of the end of August, according to a person familiar with the company's finances-a figure that looks less shocking next to the whopping $22.5 billion valuation it notched in July in an Iconiq-led funding round. Ramp has been on the kind of tear usually reserved for AI startups, which the company is starting to resemble."
"Ramp's dominance was driven home by a one-two punch of funding announcements this summer: a Series E led by Founders Fund, announced in June, that valued the startup at $16 billion; followed the next month by the Iconiq-led Series E-2. Even as other fintech startups remain mired in downrounds or stuck with their COVID-era valuations, Ramp has managed to convince investors to treat it like an AI lab."
Ramp reached $1 billion in annualized revenue by the end of August and achieved a $22.5 billion valuation after an Iconiq-led funding round. The company, founded in 2019 by Eric Glyman and Karim Atiyeh, began by targeting the corporate credit card market and has expanded into CFO-suite products such as expense management and travel. Ramp increased marketing visibility through high-profile branding, including a Super Bowl ad and podcast sponsorships. A Series E led by Founders Fund valued Ramp at $16 billion in June, followed by an Iconiq-led Series E-2 in July. Ramp introduced AI agents that automate expense approvals by ingesting company policies.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]