Credit card startup Ramp has reportedly collected $25m in a funding round after successfully launching into the market.
The company’s investors include Founders Fund, BoxGroup, Coatue, Conversion Capital and others, according to a report from Fortune. While the valuation of Ramp has not been disclosed, Founders Fund partner Keith Rabois told Fortune it was well below $1bn.
Ramp is a company credit card which boasts advanced savings reports and 1.5% cashback on everything. The card startup provides high credit limits, insights on savings, automated expense management, quick receipt matching, accounting integration and more.
Last year, it was reported Ramp reportedly raised $7m in funding round support the development of its product. The company raised the funds at a pre-money valuation of $25m, an article from TechCrunch claimed.
The capital was raised to support the growth of the platform, which was still at the beginning stages of development at the time.
Brex is a fellow corporate credit card FinTech, which recently closed a $200m debt capital line to support the expansion of its product.
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