April 17 (Reuters) - Ramp, a developer of finance and

expense management software for companies, has raised $150

million in a funding round led by Khosla Ventures and Founders

Fund, the company said on Wednesday.

The funding valued Ramp at $7.65 billion, marking a recovery

of its valuation from $5.8 billion in the last round in August

2023. Like many other fintech startups, Ramp hit its valuation

peak of $8.1 billion in a funding round in 2022 amid the

low-interest rate environment when venture capital was ample for

private companies.

It also marks a rare late-stage bet by Khosla Venture, which

recently recruited Keith Rabois, a long-time investor in Ramp

from Founders Fund. Rabois will keep his board seat at Ramp.

New York-based Ramp started as a corporate card provider and

now has expanded into expense and finance management tool for

businesses. It competes with startups such as Brex, as well as

public companies like American Express ( AXP ) and SAP-owned

Concur.

New investors including Sequoia Capital and Greylock also

participated in Ramp's latest funding round.

The company plans to invest the capital into growing its

730-person team across the U.S. and adding more AI capabilities

to help companies manage and monitor spending and save money, as

well as eyeing acquisition opportunities.

"I think many in the industry are slowing down their pace of

the product innovation. Having the balance sheet to continue

investing in hiring and making strategic acquisitions is

important to us," Ramp CEO Eric Glyman said in an interview.

The company did not disclose its revenue, but said its

revenue growth rate is accelerating compared to last year, both

from corporate cards spending and selling management software.

Last summer, Ramp said it has surpassed $300 million in

annualized revenue at a growth rate of more than 100%. It serves

companies such as Shopify ( SHOP ) and Webflow.