Corporate credit card start-up Ramp has raised $115 million, which the FinTech claims gives it a $1.6 billion valuation and unicorn status.

Ramp creates software which allows companies to administer and track cash outflows and provides company cards to businesses.

The Series B funding round was led by D1 Capital Partners and payment company Stripe and brings the company’s total funding to date to $150 million.

Goldman Sachs, Founders Fund, Coatue Management, Thrive Capital, Redpoint Ventures, Box Group, Neo, and Contrary Capital also contributed to the funding round.

Ramp said it will use the funding to support growth and product development.

The credit card provider recently hired Colin Kennedy, a former Stripe and Goldman Sachs executive, as chief business officer.

In the last six months, Ramp claimed it has increased transaction volume by approximately 400 per cent and is nearing annualised transaction volume of $1 billion.

The news comes after Utah- based Divvy, a competitor in the corporate spend management software space, raised $165 million at a $1.6 billion valuation.

“Like Square, Paypal, and Stripe, Ramp is rapidly emerging as a generational FinTech company,” said Keith Rabois, partner at Founders Fund. “Though it launched publicly just one year ago, Ramp is already viewed as the obvious choice for efficient spend management at the fastest-scaling, highest-performing startups.”

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