Ex-Ramp Engineers Score $20M for Melius After Scrapping First Product

Former engineers from fintech company Ramp have raised $20 million for their new venture, Melius, after scrapping their first product. The funding round, details of which were reported by TechCrunch, comes as the startup announced it crossed $1 million in annualized revenue within just two months of its post-pivot launch.

The pivot marks a significant turnaround for the founding team, who previously worked at Ramp, a corporate card and spend management platform. While the exact nature of Melius's product remains undisclosed, the rapid revenue milestone suggests strong early demand. The $20 million raise, led by undisclosed investors, will likely fuel further product development and team expansion.

The news highlights a growing trend of experienced operators from established fintechs launching new startups and attracting significant capital despite a challenging funding environment. Melius's ability to generate revenue quickly could serve as a proof point for investors wary of pre-revenue ventures. Next steps for the company include scaling its team and potentially expanding its product offerings.