Ramp Financial, which is building a corporate credit card, has reportedly raised $7m in funding.
The investment was led by Founders Fund general partner Keith Rabois, with participation also coming from Box Group partner Adam Rothenberg, and Coatue Management, according to a report from TechCrunch. This funding was raised at a pre-money valuation of $25m.
While the company has already raised this money, it is still in the very early stages of product development. There is still a lot of mystery around what the company is building, by the report states it is very similar to corporate credit card solution Brex.
Earlier in the year, Brex received a $100m investment round which was led by Kleiner Perkins Digital Growth Fund, and supported by Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP.
The investment came just months after it had closed $125m in a Series C round which supported the launch of its reward service.
Brex is a corporate card for startups which has higher limits than traditional cards and needs no personal guarantee. The card, which launched in June 2018, has instant signup, can be used via the Visa network, integrates with accounting systems by automatically transferring transaction data, and has trackable expenses.
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