Payment giant Stripe funds fintech startup Ramp at $1.6 billion valuation

Ramp, a fintech startup that offers corporate cards and software for managing employee expenses, raised $115 million in a funding round led by digital payments giant Stripe and D1 Capital Partners, valuing it at $1.6 billion, it said on Thursday.

The two-year-old New York-based firm competes with American Express, new-age fintech startups such as Brex and older expense management software makers like Expensify and SAP Concur.

Stripe, which had invested in Ramp previously as well, had in March raised $600 million at a valuation of $95 billion.

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Source: Payment giant Stripe funds fintech startup Ramp at $1.6 billion valuation | Reuters