Ramp's Valuation Recovers to $7.65B in Latest Series D-2

Weekly Edition & Stock Spotlight

April 29, 2024

Hill Chart Shape

ApeVue50 Index & Sectors YTD Performance

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Most Active Names Performance

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ApeVue50 Privates versus Public Benchmarks/ETFs

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Public v. Private (12mo)

The ApeVue50 tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.

This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.

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Stock Spotlight - Ramp
Sectors

Financial Banking Neobank

Headquarters
New York, NY, USA
CEO
Eric Glyman

Ramp equips businesses of varying sizes and stages with advanced tools necessary for modernizing their finance operations. The company is recognized for its innovative use of artificial intelligence to automate financial processes and enhance financial decision-making. Ramp's mission is to save both money and time for its more than 25,000 clients. The company has been in the news for securing an additional $150 million in funding and affirming its market valuation of around $7.5 billion.

Latest News and Updates on Ramp

Ramp's New Funding Round - Ramp recently closed a funding round that brought in $150 million, co-led by Khosla Ventures and Founders Fund, affirming its market valuation of $7.65 billion. Click here to read more.
April 2024 Funding Developments - Ramp has announced updates from its April 2024 funding round, outlining plans to use the new capital to refine their services and enhance user experience. Click here to read more.

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Ramp's Financial Data

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Ramp 180D

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Ramp 90D

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Ramp 30D

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Series D-2 Valuation

<span class="date">2024-04-25</span>
<span class="value">$7.65B</span>

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Implied Valuation

<span class="date">2024-04-29</span>
<span class="value">$7.39B</span>

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Change Since Last Round

<span class="date">2024-04-25 → 2024-04-29</span>

<span class="value red">-3.36%</span>

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Funding Round in USD

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Bid:Ask Volume Ratio

All of Ramp's broker contributions in April 2024 were on the bid side. ApeVue observed that 94% of Ramp's volume was bid volume in Q4 2022. In every other quarter, the ask volume exceeded the bid volume.

Activity Trend

ApeVue observed peak activity in September 2023, with 18 contributions from August to October 2023. Although the 90-day contribution as of April 29, 2024, is relatively low at 6, the trend since the beginning of March 2024 has been upward.

Ramp Private Comparables in the Banking Sector

ApeVue highlights 8 active private companies within the Banking sector as of April 29, 2024.
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Activity

The plot below displays the 90-day activity based on institutional-level ($1M+) broker contributions as of April 29, 2024. Within the banking sector, Revolut shows the highest activity with 64 contributions, while Ramp is moderately active with 6 contributions.

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Change in Activity

The plot below displays change in average activity from the last 180-day window (November 2, 2023, to April 29, 2024) to the last 30-day window (March 31, 2024, to April 29, 2024). Average activity has increased for all companies. Revolut has the highest increase in average activity from 26 to 58. Ramp's average activity increased from 4 to 5.

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Change in ApeVue Valuation Since Last Funding Round

ApeVue's implied valuation is computed as of April 29, 2024, and compared to each company's latest funding round valuation and ApeVue's implied valuation at the end of 2023.

Ramp's valuation has decreased by 3% from its April 25, 2024 Series D-2 valuation of $7.65B to $7.39B, which is ApeVue's current implied valuation. Chime Bank's current implied valuation is $5.21B, a 79% decrease from its Series G valuation of $25B in August 2021. Mercury's current implied valuation is $1.36B a 15% decrease from its Series B valuation of $1.6B in June 2021.

The year-to-date change in ApeVue's implied valuation shows 40% increase for Ramp, 13% increase for Mercury and 12% decrease for Chime Bank.

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Change in Composite Price

The plot below illustrates the change in composite price from March 30, 2024, to April 29, 2024. Chime Bank shows the highest increase at 12%, while Upgrade experiences the most significant decrease at 27%. Ramp's price has also decreased by 11%.

Volatility of Composite Price

Volatility of the composite price is calculated as movement over previous 90 days. Chime Bank's composite price is the most volatile among its comparables. Ramp is also highly volatile at 39%.

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90D Bid and Ask Volume Ratio

The plot below illustrates the bid and ask volume ratio from January 31, 2024, to April 29, 2024. Revolut has the highest bid-side volume at 55%. Conversely, Mercury demonstrates strong selling interest in the market, with 93% of its volume on the sell side. Ramp's volume on the bid side is 47%.

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