Ramp raises secondary funding as payment volumes hit US$55bn and corporate clients turn to its expanding suite of automation tools

Ramp, a fintech startup that offers corporate cards and software for managing employee expenses, was valued at $13 billion after signing a cash out deal for its investors and some employees, further signaling renewed investor appetite in high-growth startups.

Ramp, the corporate payments start-up backed by Peter Thiel and Thrive Capital, has almost doubled its valuation to $13bn, as financial technology companies rebound from a painful period of lower spending and economic uncertainty.