Ramp, the finance automation and corporate credit card FinTech, has successfully raised £300m in a recent Series D funding.
With this new injection of capital, the firm’s valuation now stands at $5.8bn, marking a decrease from its previous valuation of $8.1bn in March.
Delving into what Ramp does, the firm is pioneering solutions in the finance sector, particularly focusing on spend management platforms. These platforms come equipped with features like accounts payable automation and procurement. Recently, notable multinational firms including Anduril, Poshmark, and Virgin Voyages have chosen Ramp to upgrade their spend management systems.
The funds raised will be channelled towards the enhancement of their product offerings and to bolster expansion into new categories. Furthermore, with this fresh capital in hand, Ramp is also in a favourable position to consider and fund any strategic acquisitions that come their way.
Significant strides have been made by Ramp over the past year. The company has witnessed a sixfold growth in purchase volume since its last funding round. Moreover, its market share in the domain of small to mid-sized businesses has seen an upswing, and the firm has also ventured successfully into the enterprise sector.
There are notable developments from Ramp in recent times. The company has introduced a new facet to its platform named Ramp Plus in the procurement software category. Additionally, they’ve unveiled Ramp Intelligence which leverages natural language processing to produce insights for financial departments and highlight potential savings. Their growth strategy also included the acquisition of Cohere.io, an AI-enhanced customer support platform.
Ramp, however, has yet to turn a profit. The firm’s emphasis thus far has been on amplifying their customer base, which currently numbers around 15,000. Addressing the decrease in the company’s valuation, Ramp CEO Eric Glyman stated, “Given the broader startup market valuation reset and increased cost of capital, we know it reflects exceptional performance by our team and support from our customers”.
He went on to add, “In the last year alone, we’ve expanded Ramp’s offerings to become the only platform in the market that’s designed to save businesses time and money. Our mission is to help our customers build healthier businesses. This funding will help us execute against our goal to continue expanding the Ramp platform to better serve customers. At Ramp, we succeed when our customers can run their business more efficiently.”
A point of pride for Ramp is the savings it has offered its clientele. The company claims to have saved its customers in excess of $600m and spared them over 8.5 million hours of employee time.
It’s worth noting that in its last capital raise in March, Ramp secured an impressive $750m.
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