Ramp, a prominent US-based spend management FinTech, has successfully completed a Series D-2 funding round, raising $150m.
According to FinTech Futures, his latest financial injection boosts the company’s valuation to an impressive $7.65bn.
The $150m round was co-led by Founders Fund and Khosla Ventures, with significant contributions from new investors including Greylock, Sequoia Capital, and 8VC. Additionally, the round saw participation from a host of existing investors such as Contrary Capital, Definition Capital, D1 Capital Partners, Iconiq Capital, Thrive Capital, General Catalyst, Sands Capital, Lux Capital, and others.
Founded in 2019 with its headquarters in New York, Ramp offers a finance automation platform that integrates corporate cards, bill payments, accounting automation, expense and vendor management, among other services. This comprehensive solution aims to streamline financial operations for businesses of all sizes.
The newly acquired funds are earmarked for an ambitious expansion of Ramp’s product offerings, particularly through the integration of advanced AI technologies. The company plans to “triple down” on product development to enhance decision-making capabilities, automate more processes, and provide deeper insights into spending patterns.
Eric Glyman, co-founder and CEO of Ramp, highlighted the company’s innovative streak, stating, “In 2023, we launched over 150 new product innovations that have significantly advanced procurement, productivity software, and spend management solutions.” Ramp’s aggressive approach to product enhancement underscores its commitment to leading the charge in financial management technology.
Adding to its strategic growth initiatives, in February 2024, Ramp acquired the US-based startup Venue, expanding its suite of procurement products. This move is part of a broader M&A strategy aimed at cementing Ramp’s position as a comprehensive solution provider in the spend management arena.
Ramp CEO Eric Glyman said, “This funding allows us to accelerate our mission of automating financial oversight and generating real-time insights that empower businesses to be more efficient.”
Previously, Ramp had raised $300m in a Series D funding round in August 2023, which valued the company at $5.8bn, highlighting a significant growth trajectory in its market valuation and operational scope.
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