Ramp goes on funding romp, now valued at $8.1 billion

Corporate card and spend management startup Ramp has raised $200 million in funding at an $8.1 billion valuation.

Why it matters: This deal feels as if it time-traveled in from the highs of 2020, and shows that investors are still piling into red-hot companies and industries despite macro headwinds.

• Founders Fund led the round and was joined by Stripe, Iconiq Capital, and Thrive Capital. The financing also included $550 million in debt.
• Ramp competitor Brex achieved a $12.3 billion valuation in January, while Ramp peer TripActions raised at a $7.3 billion valuation in October.

Ramp CEO Eric Glyman said he believes there is an increasing differentiation between the companies, even as they go after the same problem.

• "I think as time passes, the businesses will look very different," Glyman tells Axios.
• Still, Ramp recently entered into TripActions' arena with a business travel solution.

State of play: Brex launched a venture debt product last year, but Glyman believes that business is less relevant for Ramp.

• Brex also unveiled a premium software product, but Ramp's similar offering remains free, with revenue driven via interchange fees.
• Ramp has a Google ad not so subtly headlined, "Ramp vs Brex: See Why Leaders Choose Ramp." Another reads, "Best Alternative to Brex."

Our thought bubble: How will all these well-funded companies in the spend management space use their war chests against each other and legacy players like Amex?