Ramp Closes $1.85 Billion Round at $60 Billion Valuation
Ramp confirmed raising $1.85 billion at a valuation of $60 billion, surpassing $2 billion in annual revenue with positive cash flow and serving 85,000 businesses.
Ramp confirmed raising $1.85 billion in funding at a valuation of $60 billion, according to its Europe Director on LinkedIn and reported by TNW.
This confirmation validates a round previously reported by Bloomberg on October 10, signaling a continued influx of capital into major fintech companies.
The company surpassed $2 billion in annual revenue with positive cash flow, serving 85,000 businesses and saving them over $1 billion monthly.
Ramp's valuation rose from $32 billion to $60 billion in less than six months, according to TNW.
What do these terms mean?
Valuation: The estimated market value of a company, typically calculated based on the share price in the latest funding round.
Positive Cash Flow: The state in which a company receives more cash than it expends during a period, meaning it funds itself without needing continuous external funding.
Annual Recurring Revenue (ARR): The value of recurring revenue on an annual basis, used to measure the growth of subscription and fintech companies.
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