Spend management fintech Ramp raises $300m following growth

Fintech platform Ramp, which gives businesses the tools they need to control their business spend, has raised US$300m at a valuation of almost US$6bn.

The New York-based fintech offers a single platform that brings together corporate cards, expense management, accounts payable and various accountancy automation tools to help make life easier for finance departments.

The tech upstart is already working with over 15,000 companies, leading to a six-fold increase in Ramp’s transaction volume since its last fundraise in December 2021. The company estimates that it has saved customers over US$600m compared to legacy finance tools and methods, resulting in a saving of around 8.5m employee hours.

In the past three months alone, Ramp has entered the procurement software category with Ramp Plus, a new paid edition of its platform; launched Ramp Intelligence, which uses natural language to generate actionable insights for finance departments; and acquired Cohere.io, an AI-powered customer support platform.

Its latest Series D round was co-led by Thrive Capital and Sands Capital, with participation from General Catalyst, Founders Fund, and other existing investors.

Ramp ‘helping to build healthier businesses’

"In the last year alone, we've expanded Ramp's offerings to become the only platform in the market that's designed to save businesses time and money," said Eric Glyman, CEO of Ramp.

"Our mission is to help our customers build healthier businesses and this funding will help us execute against our goal to continue expanding the Ramp platform to better serve customers. At Ramp, we succeed when our customers can run their business more efficiently."

Kareem Zaki, Partner at Thrive Capital, adds: "Ramp has a powerful combination of a tenacious team that is fast-executing, and a massive market with strong structural tailwinds. Ramp is giving CFOs and business leaders real-time data at the transaction level that is rapidly changing the way they manage their business. As a result, you're seeing Ramp get pulled up-market by larger companies and expanding the product to address the changing needs of today's CFO."

Ramp building upwards amid ‘uncertain’ economy

Ramp says its recent growth has been accelerated by an “uncertain macroeconomic environment” in which business leaders are keen to keep a lid on business expenses, particularly as rising inflation and volatile costs threaten to disrupt a broad church of industries and verticals.

Ken Chenault, Chairman and Managing Director of General Catalyst and a former CEO at American Express, continues: "We look to partner with generational companies, and Ramp has proven itself as a challenger that is transforming its industry to the benefit of businesses everywhere.

"We believe Ramp is emerging as an enduring leader in the new category of finance automation. It is setting a new standard for what businesses should expect – transparency, value, efficiency, and tangible time and money savings."

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