Ramp, a prominent US-based spend management FinTech, has successfully concluded its Series D-2 funding round, securing an impressive $150 million.
This latest financial injection, as reported by FinTech Futures, has significantly boosted the company’s valuation to an impressive $7.65 billion.
The $150 million round was co-led by Founders Fund and Khosla Ventures, with substantial contributions from notable new investors such as Greylock, Sequoia Capital, and 8VC. Additionally, the round witnessed the participation of several existing investors, including Contrary Capital, Definition Capital, D1 Capital Partners, Iconiq Capital, Thrive Capital, General Catalyst, Sands Capital, Lux Capital, and others.
Founded in 2019 and headquartered in New York, Ramp offers a comprehensive finance automation platform that seamlessly integrates corporate cards, bill payments, accounting automation, expense and vendor management, among other services. This all-encompassing solution is designed to streamline financial operations for businesses of all sizes.
The newly acquired funds are earmarked for an ambitious expansion of Ramp’s product offerings, particularly through the integration of advanced AI technologies. The company is set to intensify its focus on product development to enhance decision-making capabilities, automate more processes, and provide deeper insights into spending patterns.
Eric Glyman, co-founder and CEO of Ramp, highlighted the company’s innovative spirit, emphasizing, “In 2023, we launched over 150 new product innovations that have significantly advanced procurement, productivity software, and spend management solutions.” Ramp’s proactive approach to product enhancement underscores its dedication to driving innovation in financial management technology.
As part of its strategic growth initiatives, Ramp made a significant move in February 2024 by acquiring the US-based startup Venue, thereby expanding its suite of procurement products. This strategic acquisition aligns with Ramp’s broader M&A strategy aimed at solidifying its position as a comprehensive solution provider in the spend management landscape.
Commenting on the funding, Ramp CEO Eric Glyman stated, “This funding allows us to accelerate our mission of automating financial oversight and generating real-time insights that empower businesses to be more efficient.”
Previously, Ramp had raised $300 million in a Series D funding round in August 2023, valuing the company at $5.8 billion. This latest funding round underscores Ramp’s significant growth trajectory in both market valuation and operational scope.
Source: fintech.global
