Spend-management platform Ramp has closed a $200 million funding round that values the six-year-old fintech at $16 billion, according to multiple reports on 17 June. The deal was led by Peter Thiel’s Founders Fund and was structured as an opportunity for existing backers to increase their stakes, rather than a traditional primary issuance. The transaction lifts Ramp’s valuation from about $13 billion recorded three months ago, marking a roughly 23% jump in a short period. Founded in 2019, Ramp provides corporate charge cards and software designed to help businesses track and reduce expenses. The company has previously disclosed reaching $100 million in annual recurring revenue in less than three years.