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.
Ramp enables a broad range of customers and industries, from fast-growing startups to multi-billion dollar enterprises and multi-generational potato farmers, to manage their spend and build sustainable businesses. With more than 5,000 businesses on the platform, Ramp saw its revenue grow by nearly 10x in 2021 and is powering over $5 billion of annualized payments volume. Ramp also continued to enhance its platform with the launch of B2B payments tool Bill Pay, its fastest-growing solution to date, integration of Buyer to deliver negotiation-as-a-service, and launch of Ramp for Travel.
“We are pursuing an extraordinary opportunity to overhaul an industry that historically has been misaligned and out-of-touch with the needs of its customers,” said Eric Glyman, co-founder & CEO, Ramp. “Since day one Ramp has been designed to save our customers time and money, which is fueling our rapid growth. We’ve delivered over $135 million 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.”