Fast-growing corporate credit card startup Ramp has hit a $3.9 billion valuation off the back of a $300 million Series C funding round led by Founders Fund.
Redpoint, Thrive Capital, D1 Capital Partners, Coatue, Spark Capital, Stripe, Box Group, Conversion Capital, Lux Capital, Iconiq Capital, Altimeter Capital, Vista Public Strategies, A* Partners, Definition Capital, Honeycomb, Flexport, Lachy Groom Fund, Olive Tree, and Kinetic joined the round.
Only in business for 890 days, Ramp's valuation is more than double the $1.6 billion tag it had at its previous financing round in April.
The startup is taking aim at a market dominated by the likes of American Express and new fintech firms such as Brex. But rather than encouraging customers to spend more, Ramp's USP includes the deployment of card usage analytics designed to help companies identify wasteful spending.
The card's benefits were designed with high growth companies in mind, requiring no personal guarantees, 1.5% unlimited cashback, and high limits balanced with complete spend control.
Total cardholder numbers have surged by five times this year and transaction volumes have tripled since April.
In a blog, CEO Eric Glyman says the firm will continue building out a finance automation platform that does three things: "eliminate busywork, identify savings opportunities, and actively secure those savings".