Commercial payment companies raise $930 million in latest round of funding
In the latest round of funding, Jeeves and Ramp have raised $180 million and $750 million in financing from the investors.
In the former, Jeeves, a payments infrastructure company, announced the raising of $180 million at a valuation of $2.1 billion in its c series round. The round was led by China’s tech giant, Tencent and other players include GIC, Stanford University, Andreessen Horowitz, CRV, Silicon Valley Bank, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels and Spike Ventures.
Jeeves said that in the last 12 months, the company has raised over $380 million and it has been across all verticals. With this funding, the company will use this capital to expand its global presence in markets such as Latin America, Canada, and Europe and also scale its proprietary infrastructure which would let them cover more currencies and countries.
The company has a client base of more than 3000 companies and its revenue has grown by more than 900% since the series B funding back in september 2021.
The company currently has presence in 24 nations and its client base incluse start-ups, e commerce and SMEs. The company is a corporate spend and expense management platform for businesses. This allows for companies to run cash, corporate cards and cross-border payments run on the Jeeves proprietary infrastructure.
Meanwhile, New-York based corporate card company, Ramp announced the $750 million raising at a valuation of $8.1 billion.
Of the funding raised, $200 million are in fresh equity funding led by Founders Fund, with participation from existing investors including D1 Capital Partners, Thrive Capital, Redpoint Ventures, Coatue Management, Iconiq, Altimeter, Stripe, Lux Capital, Vista Public Strategies, Spark Capital, and Definition Capital. This was joined by new investors like General Catalyst, Avenir Growth Capital, 137 Ventures, and Declaration Partners.
In addition to this the company secured $550 million in debt financing, including $300 million from Citi and an additional $150 million from Goldman Sachs, which doubled its commitment to $300 million.
Since the company’s founding in March 2019, it has raised over a billion USD. It has more than 5000 businesses as its clients and has seen a revenue jump of nearly ten times in 2021 with $5 billion of annualized payments volume.
Ramp builds finance tools for businesses which ranges from corporate cards and expense management to bill payments and accounts integration.
The total funding that fintechs have raised this year excluding this is $318 million.