Ramp, a New York-based Fintech startup, has raised $300 million in a funding round co-led by existing backer Thrive Capital and new investor Sands Capital at a post-money valuation of $5.8 billion.
Other investors participating in the latest financing include General Catalyst, Founders Fund, and other existing backers.
Ramp intends to use the new capital to accelerate its product development efforts, expand into related market segments, and significantly increase its workforce in the second half of the year.
Earlier this month, Ramp announced that it was entering the procurement space as it focused more on “complex” enterprises and that it had landed a new customer in Canadian e-commerce giant Shopify.
The company has been gradually expanding its services, moving beyond its initial focus on corporate cards to include features like bill pay, vendor management, and travel expense management.
As of early August, more than 15,000 businesses had used Ramp, compared to 5,000 in March 2022, the company said.
Company: Ramp Business Corporation
Raised: $300.0M
Round: Unknown
Funding Month: August 2023
Lead Investors: Thrive Capital and Sands Capital
Additional Investors: General Catalyst, Founders Fund
Company Website: https://ramp.com/
Software Category: Spend Management Software
About the Company: Founded in 2019, Ramp is a finance automation platform designed to save you time and money. Ramp combines the power of corporate cards, expense reimbursements, and bill payments in one simple, scalable spend management solution. Ramp’s customers span the full gamut of US businesses, from visionary startups to industry leaders. It’s trusted by companies of all stages and sizes, from startups like Morning Brew, Glossier, and Seed, nonprofits like KIPP Public Schools and The Joffrey Ballet, beloved brands like Eventbrite, Discord, and Sierra Nevada, to global enterprises like Anduril, Virgin Voyages, and Marqeta.
Source: https://techcrunch.com/2023/08/22/fintech-startup-ramp-raises-300m-at-a-28-lower-valuation-of-5-8b/