Expense management startup Ramp has seen its valuation double to $32 billion in just six months off the back of a $300 million primary financing round and an employee tender offer.
The round is Ramp's third in half a year, following a $200 million June raise at a $16 billion valuation and a $500 million injection at a $22.5 billion valuation in July. Lightspeed Venture partners led the latest funding, with participation from a host of existing and new backers.
Founded in 2019 as a corporate card, Ramp has evolved into a comprehensive system of operations for finance teams. Last year, it launched procurement, travel and treasury product lines.
It now serves more than 50,000 companies and powers over $100 billion in annualised purchase volume across card transactions and bill payments. To date, the firm claims to has saved customers $10 billion and 27.5 million hours.
Recently, Ramp has made major AI plays: in July it released its first agent, Agents for Controllers, and has since added Agents for AP. In October, the AI made 26,146,619 decisions across over $10 billion in spend.
Eric Glyman, CEO, Ramp, says: "On average, companies that switch to Ramp spend 5% less and grow 12% faster - results that outpace nearly every benchmark. The most disciplined and fastest-growing teams choose Ramp because it helps them scale more efficiently. We are working hard to bring that advantage to every business."