Ramp Raises $750 Million to Expand Next Gen Digital Financial Tools for Businesses

Ramp has raised $750 million in new capital according to a corporate release. Ramp said its valuation now stands at $8.1 billion.

The new money includes $200 million in equity capital and $500 million in debt financing. Ramp has now raised over $1 billion in financing since its founding in March 2019.

The $200 million in equity was 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. New investors include General Catalyst, Avenir Growth Capital, 137 Ventures, and Declaration Partners, as well as unnamed “tech industry leaders.”

The $550 million in debt financing includes $300 million from Citi and an additional $150 million from Goldman Sachs.

Ramp reports that it currently works with 5,000 businesses and its revenue grew by nearly 10X in 2021. The Fintech states that it is enabling over $5 billion of annualized payments volume.

Ramp provides “next-generation” finance tools, including corporate cards and expense management services. The firm’s B2B payments tool Bill Pay, is said to be its fastest-growing solution to date.

Eric Glyman, co-founder & CEO of Ramp, explained they are pursuing “an extraordinary opportunity to overhaul an industry.”

“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.”

Keith Rabois, General Partner at Founders Fund, said that 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:

“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 Ramp is freeing finance teams from outdated processes and enabling them to focus on not just funding growth, but accelerating it.”

Ramp states that it has quadrupled its workforce over the past year, and will open a new office in emerging tech hub Miami later this year.



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