Brex competitor Ramp Financial raises $7m
Corporate card provider, Brex, has a new competitor – Ramp Financial.
Brex is already valued at $2.6bn
The company raised $7 million in capital funding from Founders Fund’s Keith Rabois, BoxGroup’s Adam Rothenberg and Coatue Management.
The challenger start-up, led by price-tracking app Paribus’ Eric Glyman and Karim Atiyeh, is in the early stages of product development and its name is still subject to change.
Ramp Financial is at a pre-money valuation of $25 million and the belief is its product development is “the same as Brex” according to Tech Crunch, but there is little else known about the fintech newcomer as of yet.
All companies involved in the funding round, including Ramp Financial, have declined to comment.
Two-year-old Y Combinator graduate, Brex, raised to fame after creating a product which enables entrepreneurs and start-ups to set up corporate cards a lot quicker, with higher credit limits, no personal guarantee and instant approvals.
Brex is already valued at $2.6 billion and has boasted in the past of its lack of spending to Fortune despite maintaining a large capital.
The timing seems ripe for competitors to emerge, no doubt riding off the back of Brex’s rapid growth and success.
