(Reuters) -Fintech Ramp said on Wednesday it had raised $500 million at a valuation of $22.5 billion in a late-stage funding round led by investment firm ICONIQ.

Ramp offers corporate cards, payment services and expense management applications.

The move comes just over a month after the company secured a $16 billion valuation in a Series E funding round.

The latest round brings Ramp's total equity financing to $1.9 billion.