Ramp has received a debt facility from Goldman Sachs to further the growth of its corporate credit card.
The FinTech claims to be the fastest corporate card in history to reach $100m in transaction volume. It also claims it grew monthly transaction volume significantly year-over-year.
In under a year, Ramp has saved customers more than $10m through its software which identifies ways for businesses spend less on vendors and 1.5% cashback on purchases.
The company recently launched an advanced expense management platform to allow companies to automate policies and approvals with machine learning. Employees can also use the service to track and organise purchases.
Ramp CEO Eric Glyman said, “We are thrilled to work with Goldman Sachs for our first debt capital facility. The funding from Goldman Sachs will allow us to accelerate our rapid growth and serve more customers as America’s fastest growing corporate card and spend management platform.”
The company launched its services in February 2020 and has raised more than $200m in debt and equity. Its backers include Founders Fund, Coatue Management and D1 Capital.
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