March 21, 2022
News

Ramp secures $750 million in funding to help businesses automate their financial operations

,
,
Highlights
  • Backing follows 15x cardholder growth year over year, volume on Bill Pay product doubled every month in 2021
  • Funding enables industry firsts as Ramp expands into travel management, complete automation of expense reports, and powerful integrations with Amazon Business, Gmail, Lyft and more
  • Accelerates progress toward building a full-fledged finance automation platform to better serve customers and address more of the $100T+ B2B payments market

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.”

Customers use Ramp as their primary spend management solution to fully automate non-payroll spend and streamline their financial operations, from business expenses to travel management, procurement, bill payments, and more. The additional funding will accelerate Ramp’s development of its finance automation platform, following its recent release of a travel product and features that fully automate expense management.

Ramp has now raised over $1 billion in financing since its founding in March 2019.

"One of our core differentiators at Founders Fund is the willingness to double, triple, quadruple down when a company is executing at the highest levels," said Keith Rabois, General Partner, Founders Fund. "Especially in volatile times like today, top-tier CFOs are looking to get the most out of every dollar and hour, and Ramp is the best tool on the market to enable that. They've also successfully transitioned from a single-product company to a finance automation platform. This second act has massive potential for upside. Ramp is freeing finance teams from outdated processes and enabling them to focus on not just funding growth, but accelerating it."

To support the strong product and customer growth, Ramp has quadrupled its workforce over the past year, and will open a new office in emerging tech hub Miami later this year. Ramp also recently announced a collaboration with Amazon Business to streamline business purchasing through Ramp’s receipt-matching integration and both companies’ spend controls. This follows the introduction of Ramp for Travel in partnership with Lyft, WeWork and other leading travel providers.

Learn how Ramp strengthens your finances

Error Message
No personal credit checks or founder guarantee
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
The Ramp team

More Resources
View All
No items found.
View All
FAQs
Meet our customers

How we help Elementus save 80 hours per month.

How we helped Eight Sleep launch a new product with Ramp Flex

How we helped Causal save 10 hours/month closing the books with Ramp

How we helped Bubble streamline operations and save $9k/month with Ramp Bill Pay

How we helped WizeHire save over $100k in annual SaaS spend with Ramp

How we helped Sandboxx replace Amex, Expensify, and Bill.com with Ramp

How we helped SwagUp save over $30k in SaaS spend

See how Ramp helps different industries save time and money

No items found.

Learn more about Ramp

Streamline approvals.
Review requests, pre-approve expenses, and issue general expense cards in a few clicks – or directly in Slack. Delegate approvals and empower your team leads to spend on the things they need and control their team’s expenses.
Learn more
Issue instant cards.
Unlimited virtual and physical cards with built-in spend limits, instantly available for everyone in your team. Define spend rules and let your smart cards enforce your policies automatically. No more surprises or under-the-radar spending.
Learn more
See spend as it happens.
Stop waiting on monthly statements or manual spreadsheets. Find, browse, and download real-time transactions from any employee, department, or merchant – on any device.
Learn more
Close your books 5x faster.
An accounting experience by finance teams, built for speed and efficiency. Automate manual processes and start enjoying instant reconciliation – Ramp does all the heavy lifting.
Learn more
Trim wasteful spend.
Ramp analyses every transaction and identifies hundreds of actionable ways your company can cut expenses and alerts your team via email, SMS, or Slack. It’s like having a second finance team, laser-focused on cutting costs.
Learn more
Consolidate reimbursements.
Ramp makes it easy to reimburse your employees for any incidental out-of-pocket expenses. Review, approve, and pay employees back for anything that didn’t make it onto a card with the rest of your Ramp transactions.
Learn more

Get fresh finance insights, monthly

Time and money-saving tips, straight to your inbox
Thanks for signing up
Oops! Something went wrong while submitting the form.
No, thank you