Ramp, a NYC-based provider of a finance automation platform for businesses to get corporate cards, raised $300M in Series C funding at a $3.9 Billion valuation.
The round was led by Founders Fund with participation from Redpoint Ventures, Thrive Capital, D1 Capital Partners, Spark Capital, Coatue Management, Iconiq, Altimeter, Stripe, Lux Capital, A* Partners, Definition Capital, Honeycomb, Kinetic, and other existing investors.
The company, which has raised over $620M to date in a mix of equity and debt financing, intends to use the funds to to accelerate development of its finance automation platform.
Founded in March 2019 by Eric Glyman, CEO, Ramp provides a finance automation platform which allows businesses to get corporate cards and payments with built-in expense and accounting automation software. Over 2,000 US businesses (like Ro, DoNotPay, Better, ClickUp, Applied Intuition, Bristol Hospice, Walther Farms, Douglas Elliman, and Planned Parenthood) are now using the company’s platform. In the longer term, Ramp also intends to expand its product offering as a result of the Buyer acquisition. By combining Buyer’s team with benchmarking spend data from millions of transactions on its platform, the company wants to help its customers negotiate the best rate on anything that can be purchased with a card—from travel to software—with the goal of shifting purchasing power back into the hands of buyers.
FinSMEs
24/08/2021