The New York based corporate card startup is raising $65m in funding and $50m in funding that will value it at $1.1b and $1.6b, per the Information. D1 Capital Partners led the $65m round, and was joined by investors including Stripe, Coatue Management, and Goldman Sachs. Stripe is also leading the second $50m.
The pace of investment into startup cohorts has been aggressive. Brex raised $150 million after the pandemic set in, while Ramp raised several times last year before adding a debt facility earlier this year to its financial backstop. Airbase also raised last year, sharing growth metrics as 2020 came to a close. Teampay added $5 million to its 2019-era Series A last year as well.