The deal is also the latest in a string of private companies letting employees cash out shares and lowering the pressure on themselves to go public.

Ramp raises secondary funding as payment volumes hit US$55bn and corporate clients turn to its expanding suite of automation tools

Ramp, a fintech startup that offers corporate cards and software for managing employee expenses, was valued at $13 billion in a tender offer round that lets some employees and investors cash out, signaling renewed investor appetite in high-growth startups.

Ramp, the corporate payments start-up backed by Peter Thiel and Thrive Capital, has almost doubled its valuation to $13bn, as financial technology companies rebound from a painful period of lower spending and economic uncertainty.