Expense management startup Ramp is in discussions to raise around $200 million in a round of funding that would bump its valuation to about $16 billion, according to The Information.

Founders Fund, an early and repeat backer, is reportedly aiming to lead the investment. Other existing investors such as Sands Capital and Khosla Ventures are believed to be participating as well.

New York-based Ramp has evolved into a fintech darling since its 2019 inception. The company has branched out from offering a corporate card into travel, bill pay and a new treasury product. It crossed $700 million in annualized revenue as of January of this year, sources previously told TechCrunch.

Just over three months ago, in early March, Ramp announced it had nearly doubled its valuation to $13 billion after a $150 million secondary share sale.

The company declined to comment on the rumored latest financing.

To date, Ramp has secured a total of $1.2 billion in equity financing and $700 million in committed debt funding. Other investors include General Catalyst, Stripe, Citi and Sequoia Capital.

Ramp competes in a crowded space that includes the likes of Brex, Navan, Mercury, Rho and Mesh Payments.

The company’s biggest revenue generator is earning interchange fees from its cards. It also makes money through transaction fees on bill payments, SaaS revenue via its Plus offering, foreign exchange from global money movement, and affiliate fees through its travel product, among other things.

If confirmed, Ramp’s latest funding would be another notch in what is turning out to be somewhat of a comeback year for fintech. On June 12, digital bank Chime made its public market debut, shooting up 37% in first-day trading Thursday on Nasdaq.

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Illustration: Dom Guzman