Fintech startup Ramp is raising several hundred million from investors at a $5.5 billion valuation, measured before the investment, according to two people familiar with the matter. That’s a 32% cut to the $8.1 billion at which Ramp was valued at in early 2022, reflecting how startup values have fallen in the past two years.
Thrive Capital is leading the financing, according to another person familiar with the matter. The financial technology startup, which offers credit cards and expense management software in competition with Brex, is selling both shares held by employees as well as new shares, the people said.
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