Fintech firm Ramp raises $300 million at lowered valuation of $5.8 billion

STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Ramp, a developer of financial management software, has raised $300 million in its latest funding round to accelerate expansion in new categories, the company said on Tuesday, notching up a valuation of $5.8 billion.

Valuations of financial technology startups have been hit as interest rates remain high and investors fret over a looming economic slowdown, leading to a shift away from cash-burning firms and toward those with greater focus on profitability. Ramp, which offers a corporate card platform used by over 15,000 businesses, was founded in 2019. Previous investors in the fintech include Microsoft Corp CEO Satya Nadella, Goldman Sachs, Redpoint Ventures and Thrive Capital.

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Finance Service Platform Ramp Raises Funds at $5.8 Billion ValueRamp, a financial software business, said it has raised $300 million from investors at a $5.8 billion valuation.
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