(Bloomberg) -- Business software startup Rippling is in talks to raise new funding at a valuation of between $13 billion and $14 billion, according to people familiar with the discussions. 

The company plans to raise about $500 million in the deal, said one of the people, who asked not to be identified because the information is private. 

A representative for Rippling said the information wasn’t accurate, but declined to provide further comment. 

The talks with investors are ongoing, with plans to finalize terms within a few weeks, one of the people said. The discussions are still fluid and the numbers could change. 

Founded in 2016, Rippling raised $500 million last year in a dramatic deal during the collapse of Silicon Valley Bank. The financing came together extremely quickly after the company’s accounts were frozen at SVB — threatening its ability to process payroll for its customers, and throwing thousands of workers’ paychecks into limbo. Chief Executive Officer Parker Conrad later called the SVB crash and his fast fundraising “probably the most stressful day of my life.”

Rippling was valued at more than $11 billion after that round.

The San Francisco-based startup will use the new funds to land more midsize business customers internationally and continue building more products, one of the people said. The company recently signed a lease in San Francisco for office space that would give it room to hire hundreds more people. 

Conrad previously ran a startup called Zenefits, and resigned amid accusations of skirting regulations that were ultimately settled with the US Securities and Exchange Commission.

Read More: Startup Rippling Raises $500 Million in Funds After SVB Fails

©2024 Bloomberg L.P.