Business card and expense management startup Ramp raised $115m at a valuation of $1.6bn, making it the latest entry in the growing list of unicorns this week.
The new funding round was led by D1 Capital Partners and Stripe, along with Goldman Sachs, Founders Fund, Coatue Management, Thrive Capital, Redpoint Ventures, Box Group, Neo and Contrary Capital. It brings the total venture and debt financing Ramp has raised to $320m.
This new funding also comes four months after its $30m Series A3 financing from D1 Capital and Coatue.
The new funds will be used to support growth and product development, such as the addition of new payment capabilities like sophisticated card controls, accounting automation and automated savings. It will also boost the firm’s teams across departments.
Founded in 2019 by Eric Glyman, Gene Lee and Karim Atiyeh, the New York-based startup generates revenue from taking a portion of interchange fees, along with a monthly charge from clients using higher-end software functionalities.
Boasting of clients such as audio app Clubhouse and telehealth company Ro, the firm’s transaction volume grew by roughly 400% in the past six months and is approaching $1bn in transaction volume, it claimed. Ramp said a third of its customers came from American Express and more than 90 adopted its service as a replacement for platforms like Concur or Expensify.
Commenting on the firm’s growth, Glyman said, “Whether at fast-scaling unicorns like Ro, Better, ClickUp, Applied Intuition and more or at more traditional businesses seeking higher financial efficiency, Ramp has quickly become the spend management platform of choice.”
Clearly, the firm is going from strength to strength as it also brought on former Stripe and Goldman Sachs executive Colin Kennedy as chief business officer in the past month.
Ramp is not the first FinTech to score investment from Stripe. Earlier this year it invested in Check and Fast as well as has shares in UK neobank Monzo.
The payments giant founded by Irish brothers John and Patrick Collison raised $600m itself recently at a $95bn valuation.
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-100x70.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")