Fast-growing finance automation and corporate credit card startup Ramp has hit a $8.1 billion valuation after closing a $200 million funding round led by Founders Fund.
The round sees Ramp's valuation more than double since its Series C round last August. The firm has also secured $550 million in debt financing from sources including Citi and Goldman Sachs.
More than 5000 companies tap Ramp to manage their spend and build sustainable businesses. The startup saw its revenue grow by nearly 10x in 2021 and is powering over $5 billion of annualised payments volume on its platform.
Ramp has more than quadrupled its workforce over the past year, and will soon open a new office in Miami. Last month, it scored a partnership with Amazon Business to streamline business purchasing through its receipt-matching integration and both companies’ spend controls.
The new funding will accelerate Ramp’s development of its finance automation platform, following its recent release of a travel product and features that automate expense management.
Eric Glyman, CEO, Ramp, says: “Since day one Ramp has been designed to save our customers time and money, which is fueling our rapid growth. We’ve delivered over $130 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 and finance their money easier, faster, and smarter.”
The latest financing round was joined by D1 Capital Partners, Thrive Capital, Redpoint Ventures, Coatue Management, Iconiq, Altimeter, Stripe, Lux Capital, Vista Public Strategies, Spark Capital, Definition Capital, General Catalyst, Avenir Growth Capital, 137 Ventures, and Declaration Partners.