Ramp ended its red-hot summer with one more coup. The six-year-old fintech startup hit $1 billion in annualized revenue as of the end of August, according to a person familiar with the company’s finances—a figure that looks less shocking next to the whopping $22.5 billion valuation it notched in July in an Iconiq-led funding round.
Ramp’s dominance was driven home by a one-two punch of funding announcements this summer: a Series E led by Founders Fund, announced in June, that valued the startup at $16 billion; followed the next month by the Iconiq-led Series E-2. Even as other fintech startups remain mired in downrounds or stuck with their COVID-era valuations, Ramp has managed to convince investors to treat it like an AI lab.
See you tomorrow,
