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, a fintech startup that offers corporate cards and software for managing employee expenses, was valued at $13 billion after signing a cash out deal for its investors and some employees, further signaling renewed investor appetite in high-growth startups.

The five-year-old company hit the new valuation as part of a share sale in which investors including Singaporean sovereign wealth fund GIC, US private equity group Stripes and venture capitalists including Josh Kushner’s Thrive,