Expense management startup Ramp is negotiating to raise approximately $200 million in funding, which would bring its valuation to around $16 billion.
According to The Information, Founders Fund, a returning investor, is expected to lead this round. Additional participation is anticipated from existing investors such as Sands Capital and Khosla Ventures.
Founded in 2019 initially as a corporate card provider, Ramp has transformed into a comprehensive operations platform for finance teams. Last year, the company introduced procurement, travel, and treasury products, handling over $55 billion in annualized payment volume for more than 30,000 US business clients.
Ramp claims to have saved its customers $2 billion and 20 million hours through its offerings.
In March, Ramp achieved a $13 billion valuation following a $150 million secondary investment from employees and early backers. The company has raised a total of $1.2 billion in equity funding and $700 million in committed debt financing, with other investors including General Catalyst, Stripe, Citi, and Sequoia Capital.