Ramp in Talks to Hit $40B+ Valuation
Hey FinTech Fanatic!
After reaching $32B six months ago, Ramp is in talks to raise another $750 million at a pre-money valuation of more than $40 billion, sources told The Wall Street Journal. The deal is not yet final though.
Ramp's founder and CEO, Eric Glyman, announced in November that the company hit $1 billion in revenue, having doubled its earnings within a single year.
Glyman has also been championing a future where AI is deeply integrated into Ramp's expense management tools, including automated agents capable of flagging non-compliant purchases, identifying fraudulent activity, and shifting funds into yield-generating accounts.
Ramp's ascent has been nothing short of remarkable. In July, the company closed a $200 million Series E at a $16 billion valuation, led by Founders Fund, only to raise another $500 million just weeks later at a $22.5 billion valuation led by Iconiq.
And with reports now pointing to a potential $40 billion valuation, Ramp will have added roughly $24 billion in value since that first July round.
To put that in perspective, that gain alone exceeds the entire peak valuation of Brex (Ramp's closest competitor in the spend management space), which topped out at $12.3 billion before being acquired by Capital One earlier this year for $5.15 billion.
We've always valued companies on what they've built. Are we now valuing them on what their AI might do next?
Keep moving with the rest of today’s top FinTech headlines below. 👇 See you tomorrow!
Cheers,
HOW FINTECH PERFORMED LAST WEEK
📈 Top 10 FinTech Companies Listed on Stock Exchanges by Weekly Performance 📉
Here are the big movers of the week:
FINTECH NEWS
🇨🇴 FinTech Addi gets banking licence and raises funds. Several international and Colombian law firms have advised on a notes issuance by Colombian FinTech Addi and in a deal where the finance company obtained its local banking licence. Read on
🇳🇬 Stablecoin app MiniPay reached 15 million wallets, marking 123% year-on-year growth after surpassing 13 million by the end of 2025, according to Opera’s Q1 2026 report. Initially launched in Nigeria through Opera Mini, the app has become one of the most widely used stablecoin payment products focused on emerging markets, particularly in Africa.
PAYMENTS NEWS
🇦🇺 This month, Airwallex introduced new ecommerce integrations for Salesforce Commerce Cloud and PrestaShop, alongside broader ERP connectivity through its Spend API. The company also added instant internal transfers and new FX rate-locking capabilities for businesses in Singapore.
🇦🇪 Mastercard has launched Built Small. Moving Strong, a regional resilience program across the Middle East designed to support small and medium-sized enterprises (SMEs) as they navigate a challenging operating environment marked by supply chain disruption and tightening financial conditions. The initiative brings together banks, government entities, and ecosystem partners focused on digital tools, liquidity, and resilience.
🇦🇺 PhotonPay has officially launched a local Australian payment account. By leveraging its local clearing network and direct AUD receipt capabilities, PhotonPay further improves its localized payment network in the Asia-Pacific region, helping businesses enhance their localized operational efficiency and providing robust financial infrastructure support for global business expansion.
🇰🇷 Koreans flock to pay with their faces. South Korea’s Toss says nearly 5M users have adopted its FacePay service in just seven months, as facial-recognition payments gain traction across cafés, restaurants, and convenience stores. The FinTech now aims to replace physical credit cards within three years.
🇬🇧 The Professional Triathletes Organisation and Sokin signed a three-year partnership, naming the payments platform as the T100 Triathlon World Tour’s official business payments partner. PTO will also use Sokin’s infrastructure to manage cross-border payments and treasury operations. Continue reading
🇮🇳 Razorpay is scaling back its offline payments expansion as it prepares for an IPO, shifting focus toward its core online payments business. The company still operates around 600K PoS terminals, while processing more than $180B in annual GMV across its platform.
DIGITAL BANKING NEWS
🇭🇰 HSBC Hong Kong introduces Asia Pacific’s first World Legend Mastercard. The HSBC Privé World Legend Mastercard will bring Mastercard’s highest consumer credit tier to Asia Pacific. The invitation-only card includes travel, dining, entertainment, and airport lounge privileges globally. HSBC Privé cardholders will be upgraded from World Elite Mastercard to World Legend Mastercard, unlocking enhanced privileges under The Mastercard Collection.
🇧🇷 Nubank’s AI-powered underwriting models are helping expand credit access while keeping risk standards and write-offs stable. The company highlighted its transformer-based “nuFormer” model, which reduced risk by 70% for an equivalent customer population. Meanwhile, the firm has unveiled the new name for Palmeiras’ stadium after a poll, with the venue set to be called Nubank Parque. Work on the rebrand is already under way, with changes to the arena’s visual identity expected to be completed by the end of the World Cup in July, according to Nosso Palestra.
BLOCKCHAIN/CRYPTO NEWS
🇺🇸 Ondo, Kinexys by J.P. Morgan, Mastercard, and Ripple completed a pilot for the near real-time cross-border redemption of tokenized U.S. Treasuries. The transaction combined public blockchain infrastructure with interbank settlement rails across multiple institutions. The framework is designed to support redemptions across public blockchains, including XRPL, and broader integration with financial networks.
🇺🇸 Coinbase reported record crypto trading volume market share in Q1, driven by growth in retail and institutional derivatives activity. It also said its prediction markets surpassed $100M in annualized revenue within two months of launch. Separately, the firm said trading services had resumed after a significant outage left customers unable to transact on its platform for almost seven hours on Friday, rounding off a difficult week at the company.
🇸🇻 Bitso has secured regulatory approval in El Salvador for the issuance of MXNB, making it the first Latin American stablecoin approved under the country’s CNAD framework, and reinforcing El Salvador’s growing role as a global hub for crypto innovation and digital asset regulation. The Mexican peso-backed stablecoin is designed for payments, remittances, and FX use cases across the region.
🇺🇸 Bullish filed applications with the U.S. Commodity Futures Trading Commission seeking designation as a Designated Contract Market (DCM) and registration as a Derivatives Clearing Organization (DCO). The filings are now under the CFTC’s standard review process. Keep reading
🇺🇸 Exodus launched XO Cash, which it describes as the first stablecoin built for AI agents. Developed on Solana with MoonPay, the product includes an SDK that lets developers create agent wallets tied to Exodus Pay balances while users retain custody of their keys.
🇺🇸 Kraken parent company Payward applied for a national trust company charter with the U.S. OCC as it looks to expand its regulated digital asset custody business. If approved, the entity would operate as a federally regulated trust company focused on crypto custody services.
🇨🇭 Bitcoin campaign to force SNB holdings has failed. Swiss crypto campaigners have abandoned a bid to require the central bank to hold Bitcoin after failing to collect enough signatures to trigger a plebiscite, Reuters reported. Organizers collected only around half of the 100,000 signatures required to force a vote of the electorate on the matter.
PARTNERSHIPS
🇵🇰 Cenoa and Noah have partnered to launch stablecoin-powered payment infrastructure for freelancers in Pakistan. The service offers instant USD and EUR accounts, zero-fee incoming payments, and stablecoin settlement aimed at reducing cross-border payment costs for digital workers. The rollout of Cenoa’s Pakistani integration will mark a critical milestone in the "stablecoinization" of global remittances.
🇫🇷 ElevenLabs expands its use of Stripe to support new usage-based pricing plans as the voice AI company scales globally. The company now uses Stripe for billing, payments, subscriptions, marketplace payouts, tax automation, and AI agent-powered transactions. Continue reading
🇨🇦 Ukrainian Credit Union partnered with VeriPark to upgrade its online and mobile banking experience. The credit union will implement VeriPark’s VeriChannel platform to provide more consistent digital banking services across devices while supporting future modernization efforts.
DONEDEAL FUNDING NEWS
🇺🇸 Ramp is reportedly in talks to raise $750M at a valuation exceeding $40B, less than six months after reaching a $32B valuation. The spend management startup has also been expanding its AI capabilities across fraud detection, policy controls, and treasury management. Read more
🇧🇲 Genius Group closes $8M offering to buy stake in Bermuda digital bank. The group said it will use $5.5 million of the proceeds to acquire a senior secured convertible promissory note that will immediately convert into 9.9% of Jewel Financial Limited, and will also issue 15 million ordinary shares to the sellers at a deemed price of $0.40 per share as additional consideration for the acquisition.
MOVERS AND SHAKERS
🇺🇸 Marqeta announces the appointment of Lukasz Strozek as Chief Technology Officer. Mr. Strozek is a technology executive with 20 years of experience leading engineering organizations across early-stage, growth, and public companies in regulated financial services, and will lead the company’s global technology and engineering functions.
🇺🇸 AppTech Payments appoints Albert Lord as Executive Chairman and adds Robert Lipstein to the Board. Under the expanded leadership structure, Lord will work closely with Chief Executive Officer Thomas DeRosa, who will continue serving as CEO and report to the full board. Lipstein currently serves on several corporate boards, including two banking companies.
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