Ramp raises $300M at a 28% lower valuation

Corporate card and spend management startup Ramp announced it has raised $300 million in new funding, but at a 28% lower valuation than its most recent fundraise.

Why it matters: The lower valuation reflects a tough fundraising environment for late-stage fintechs.

Details: The new financing round, which values the company at $5.8 billion, was co-led by Thrive Capital and Sands Capital, with participation from General Catalyst, Founders Fund and other existing investors.

Flashback: New York-based Ramp most recently raised $750 million in debt and equity in March 2022.

• That raise included $200 million in equity financing led by Founders Fund at an $8.1 billion valuation and another $550 million in debt financing from Citi and Goldman Sachs.

By the numbers: Ramp has more than 15,000 customers, including Shopify, Anduril and Discord.

• The company has surpassed $300 million in annualized revenue, CEO Eric Glyman told Bloomberg.

State of play: Ramp isn't alone in raising new funds at a lower valuation.

• Stripe raised funding at a $50 billion valuation, a sharp decline from the $95 billion valuation it previously held.
• Karna took an 85% cut to its valuation in its most recent financing round.

Of note: Ramp's valuation cut was first reported by The Information last week.