Ramp Secures $750 Million In Funding To Help Businesses Automate Their Financial Operations
03/21/22, 8:01 AM
Money raised
$750 million
Ramp, the finance automation platform and first corporate card designed to help businesses spend less, today announced $750 million in new financing, bringing its valuation to $8.1 billion. The raise included $200 million 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. They were joined by new investors General Catalyst, Avenir Growth Capital, 137 Ventures, and Declaration Partners, in addition to tech industry leaders. Ramp also secured $550 million in debt financing to support the company's rapid scaling, including $300 million from Citi and an additional $150 million from Goldman Sachs, which doubled its commitment to $300 million.
Company Info
Additional Info
Since the beginning of 2021, the company says it has seen its number of cardholders on its platform increase by 5x, with more than 2,000 businesses currently using Ramp as their “primary spend management solution. That’s more than double the $1.6 billion that New York-based Ramp was valued at in April at the time of its Series B.Founders Fund led the latest round, which brings the fintech’s total equity and debt raised to date to over $625 million since its March 2019 inception. wide range of customers use Ramp from startups/unicorns such as Ro, DoNotPay, Better, ClickUp and Applied Intuition to established businesses like Bristol Hospice, Walther Farms, Douglas Elliman and Planned Parenthood. By combining Buyer’s team with benchmarking spend data from millions of transactions on its platform, Ramp says it wants to help its customers negotiate the best rate on “anything that can be purchased with a card, from travel to software — with the goal of shifting purchasing power back into the hands of buyers. Ramp claims that its customers on average save 3.3% annually by switching their corporate card spending to Ramp. For context, Ramp started the year with 65, people and employed about 100 at the time of its April raise.