Ramp announces Series D-2 capital raise

Ramp is completing a $150 million Series D-2 funding round, raising the company’s valuation to $7.65 billion. This round was co-led by Khosla Ventures and Founders Fund, with additional new investors Sequoia Capital, Greylock, and 8VC. Our existing investors Thrive Capital, General Catalyst, Sands Capital, D1 Capital Partners, Lux Capital, ICONIQ Growth, Definition Capital, Contrary Capital, and more are doubling down.

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This isn’t just a financial milestone. It's a recognition of every customer who has trusted Ramp to redefine their financial operations—and a bet on every customer who will trust us in the future.

Unwavering commitment to customers

Ramp started out just five years ago as a better corporate card—designed to help companies spend less, not more—and that remains true. Today, our core mission is unchanged: save time and money for our customers to help them build more successful, profitable businesses. But our capabilities have expanded dramatically.

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We’ve been hard at work building a full command-and-control system for company finances that lets you issue cards, manage approvals, track and analyze spending, procure software and services, make payments of all kinds, and even automate closing your books—all in one place. It is a powerful platform featuring sophisticated software paired with intuitive design.

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Tens of thousands of finance teams, across the country and representing every industry, are now using Ramp to simplify their financial operations to be more intuitive, efficient, and profitable. On top of that, we consistently hear that our customers’ employees—not just the finance teams themselves—love the delightful, easy-to-use Ramp experience. 

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This new funding will allow us to triple down on the next wave of innovation to deliver much more value for our customers. This includes using AI capabilities to automate cumbersome processes, provide deeper insights into spending, enhance decision-making capabilities, and more. We’re just getting started as we help our customers create the finance function of the future.

Growing ecosystem and impact

Our customer commitment is reflected in our growth rate. In Q1 2024, Ramp’s growth accelerated, with total purchase volume and revenue increasing faster quarter over quarter than it did over the same period in 2023, on a much larger base.

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This is hard to do, and it’s because we’re shipping enterprise-quality products at startup speed. In 2023 alone, we launched over 150 new product innovations across a variety of surfaces. These include:

• Spend management upgrades – budget routing, auto-suggested coding, and seat intelligence to track software usage against seats purchased
• Procurement – intake purchase requests, orchestrated approval chains, price intelligence to save on negotiations, and accelerated purchase review cycles
• Advanced accounts payables – specialized workflows, AP aging reporting, and international money movement
• Deep accounting automation – multi-entity management, new ERP integrations with Microsoft Dynamics Business Central, and audit history logging to support SOX compliance
• Productivity software – integrations with Microsoft Teams Copilot, Outlook, and Uber for Business, in-app commenting, and embedded intelligence

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…all within the last year.

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Our customers are finance professionals, entrepreneurs, business owners, and employees who want to help their companies succeed. They don’t want to deal with the tedium of ensuring receipts are submitted on time, expenses are within limits, or whether they paid the right price, at the right time, from the right account. They don’t want to waste time manually categorizing every interaction perfectly. They just want to know it’s handled so they can focus on what matters—the pursuit of their mission.

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The continued expansion of Ramp’s platform allows our customers to worry less and focus more on what matters. Today, the average company on Ramp saves 5% on their expenses; this has added up to over $1 billion in savings and 10 million hours of tedious labor automated. Practically, what does this mean for our customers? Saved jobs. More investment. Unlocked creativity. Faster progress. Stronger companies.

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We are obsessed with raising this bar every day.

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Looking to the future

At Ramp, we’re inspired by the most fundamental technology: simple machines. We reduce the force needed to perform work and help companies achieve more with less. Ramp gives our customers leverage.

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As technology advances, our opportunity to accelerate our impact for customers is growing quickly. Our platform is set up to make AI a force multiplier of productivity for our customers, and our plan is to continue embedding state-of-the-art AI capabilities to make financial operations vastly more efficient. This is the future.

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Innovative, dynamic, and demanding companies across categories understand the significance of this. Leading businesses from e-commerce to defense, from space to mining, from healthcare to restaurants, from AI to farms, and anything you can think of in between—all use Ramp to modernize and accelerate their finance functions.

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We are deeply indebted to our partners and investors for believing in the vision that we can change finance for the better. This new chapter isn't just about growing Ramp; it's about setting a new standard in financial operations, with our customers at the center of everything we do. Thank you for being on this journey with us.

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If you manage a business and want to save time and money like 25,000 other companies do, try Ramp and see how the leading financial operations platform can help you. 

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And if you are someone who may want to join one of America’s fastest growing companies and help us better achieve our mission, please visit our careers page—we are just getting started.