Ramp, a finance automation platform and corporate card designed to help businesses spend less, has raised $750m in financing, bringing its valuation to $8.1bn.
The raise included $200m in fresh equity funding led by Founders Fund, with participation from all major existing investors including D1 Capital Partners, Thrive Capital, Redpoint Ventures, Coatue Management, Iconiq, Altimeter, Stripe, Lux Capital, Vista Public Strategies, Spark Capital, and Definition Capital.
New investors General Catalyst, Avenir Growth Capital, 137 Ventures, and Declaration Partners, also participated, in addition to tech industry leaders.
Ramp also secured $550m in debt financing, including $300m from Citi and an additional $150m from Goldman Sachs.
Ramp said it is building the next generation of finance tools, from corporate cards and expense management, to bill payments and accounting integrations, all of which are designed to save businesses time and money.
Ramp said the additional funding will accelerate its development of its finance automation platform, following its recent release of a travel product and features that fully automate expense management.
Eric Glyman, co-founder & CEO, Ramp, said, “Since day one Ramp has been designed to save our customers time and money, which is fuelling our rapid growth. We’ve delivered over $135m in savings for our customers to date.
“We’re helping companies close their books in eight hours instead of the industry median of eight days – freeing up 3.5 million hours of manual work. None of our competitors can say the same. With this funding, we will continue to help even more businesses manage their money easier, faster, and smarter.”
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