Ramp Raises $150M in Series D-2 Funding

Ramp, a NYC-based financial automation platform, closed a $150M Series D-2 funding round.

The round was co-led by Khosla Ventures and Founders Fund, with additional new investors Sequoia Capital, Greylock, and 8VC, and existing investors Thrive Capital, General Catalyst, Sands Capital, D1 Capital Partners, Lux Capital, Iconiq Capital, Definition Capital, Contrary Capital, and more. With the funding, Ramp is now valued at $7.65BN.

The company intends to use the funds to expand operations and its business reach, as well as its development efforts, including the use of AI capabilities to automate processes, provide insights into spending, enhance decision-making capabilities, and more.

‍Led by Eric Glyman, Co-founder & CEO, Ramp provides a corporate card designed to help companies spend less, and build profitable businesses, giving users a command and control system for company finances that lets them issue cards, manage approvals, track and analyze spending, procure software and services, make payments of all kinds, and automate closing books—all in one platform.

Tens of thousands of finance teams, across the country and representing every industry, are now using Ramp to simplify their financial operations.

In 2023 alone, the company 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

FinSMEs

18/04/2024