This Tuesday (24), an investment round led by Peter Thiel’s Fund Founders made fintech Ramp, which offers corporate cards and software to manage employee expenses, valued at US$3.9 billion (R$20, 5 billion). With the investment of US$ 300 million (more than R$ 1.5 billion), the company’s valuation more than doubled.
On Friday (20), Ramp had already announced the purchase of Buyer. The company is a “trading as a service” platform that helps companies cut costs. It is Ramp’s first acquisition and the financial terms of the deal have not been disclosed.
Investor interest in fintechs has increased with changes in the way consumers use financial services — especially driven by the pandemic. As a result, global investors such as Sequoia Capital, Tiger Global and SoftBank Group started to act more in the sector.
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Ramp offers virtual and physical cards, gives 1.5% cashback on all purchases and is used by many companies. The startup earns money by receiving a portion of the fee paid by the merchant when the customer spends on the card. The company competes with American Express and other startups such as Brex and expense control software producers such as Expensify and SAP Concur.
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