Earlier this 12 months Divvy, a Utah-based software program firm that gives company spend administration software program, raised a $165 million round at a $1.6 billion valuation. It adopted its competitor Brex to unicorn-status as the market for monetary providers software program and company fee options stayed red-hot in 2021 after a blockbuster 2020.
Now Ramp, a competitor to each Divvy and Brex, is wanting to raise new capital from Stripe and D1 Capital Partners at a valuation that might high $1 billion. The Information first reported the news, which TechCrunch confirmed with a supply conversant in the transactions.
Ramp additionally competes with startups like Airbase and Teampay, every offering software program designed to assist firms permit, administer and observe company money outflows. The startup class is maybe greatest identified for its idea of offering firm playing cards to startups and different SMBs, although its market has since matured into financial software designed to present a central node for inner expense controls.
The tempo of funding into startup cohorts has been aggressive. Brex raised $150 million after the pandemic set in, whereas Ramp raised several occasions last year earlier than adding a debt facility earlier this year to its monetary backstop. Airbase additionally raised last year, sharing development metrics as 2020 got here to a detailed. Teampay added $5 million to its 2019-era Series A final 12 months as effectively.
And in an indication that the mannequin of fintech startups constructing company spend software program might show in style in different markets, a Latin American-focused startup in the house referred to as Clara raised $3.5 million earlier this month.