Ramp Raises $750M in Funding


Ramp, a NYC-based finance automation platform and corporate card designed to help businesses spend less, raised $750m in financing, bringing its valuation to $8.1 billion.

The raise included: 

  • $200m in equity funding 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, joined by new investors General Catalyst, Avenir Growth Capital, 137 Ventures, and Declaration Partners, in addition to tech industry leaders, and
  • $550m in debt financing, including $300m from Citi and an additional $150m from Goldman Sachs, which doubled its commitment to $300m.

The company, which has now raised over $1 billion in financing since its founding in March 2019, intends to use the funds to accelerate development of its finance automation platform, following its recent release of a travel product and features that fully automate expense management.

Led by Eric Glyman, co-founder & CEO, Ramp enables a broad range of customers and industries, from startups to multi-billion dollar enterprises and multi-generational potato farmers, to manage their spend and build sustainable businesses. With more than 5,000 businesses on the platform, the company saw its revenue grow by nearly 10x in 2021 and is powering over $5 billion of annualized payments volume. Ramp also continued to enhance its platform with the launch of B2B payments tool Bill Pay, its fastest-growing solution to date, integration of Buyer to deliver negotiation-as-a-service, and launch of Ramp for Travel.

Customers use Ramp as their primary spend management solution to fully automate non-payroll spend and streamline their financial operations, from employee expenses to travel management, procurement, bill payments, and more.