New York-based fintech powerhouse Ramp has successfully raised an impressive $300 million in funding, a testament to its remarkable growth over the past 18 months. Specializing in providing cutting-edge spend management solutions for businesses, Ramp’s latest funding round has catapulted its valuation to nearly $6 billion.
Ramp’s fintech platform offers an all-inclusive solution that empowers businesses to take control of their expenditure. With a comprehensive suite of tools encompassing corporate cards, expense management, accounts payable, and advanced accountancy automation features, Ramp is a game-changer for finance departments seeking streamlined processes.
Having already established partnerships with over 15,000 companies, Ramp’s transaction volume has surged six-fold since its previous fundraising effort in December 2021. Notably, the company’s innovative approach has translated into a staggering $600 million in savings for its customers compared to traditional financial tools and methodologies. This has translated into the equivalent of approximately 8.5 million hours saved for employees.
Ramp’s recent accomplishments are nothing short of impressive. Over the past quarter, the fintech disruptor has expanded its offerings, introducing Ramp Plus, a premium edition of its platform catering to the procurement software category. Furthermore, the launch of Ramp Intelligence, an ingenious tool utilizing natural language processing to generate actionable insights for finance departments, has added another layer of value for users. Additionally, the acquisition of Cohere.io, an AI-powered customer support platform, highlights Ramp’s dedication to continuous enhancement.
The Series D funding round that recently propelled Ramp’s growth was jointly led by Thrive Capital and Sands Capital. The participation of heavyweights like General Catalyst and Founders Fund, alongside other existing investors, further underscores the fintech’s rising prominence.
CEO Eric Glyman, at the helm of Ramp’s journey, articulated the company’s accomplishments succinctly: “In the past year, we’ve expanded Ramp’s offerings to create the market’s sole platform tailored to drive both time and cost savings for businesses.” This achievement speaks to Ramp’s commitment to not just transforming financial processes but also to nurturing the growth of more robust and prosperous businesses.