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Investing.com -- Corporate card and expense management startup Ramp is in discussions with investors to raise $350 million at a valuation of approximately $21 billion, representing a 30% increase from its June financing round.
The six-year-old company is negotiating the new funding just one month after raising capital at a $16 billion valuation, according to The Information, citing three people with direct knowledge of the fundraising. Existing investor Iconiq is reportedly in talks to lead the round.
Ramp has experienced substantial growth over the past two years, generating $700 million in annualized revenue as of the end of January.
The company is also exploring potential government partnerships. Ramp has been in discussions to potentially collaborate with the government to help manage its $700 billion internal expense card program, according to people familiar with the matter. The potential size of such a contract remains unclear.
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