Financial operations platform Ramp secures $200m in Series E funding
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Financial operations platform Ramp secures $200m in funding
Ramp, a financial operations platform, has successfully completed its Series E funding round, achieving a valuation of $16bn. The funding, which reached a total of $200m, was led by Founders Fund, the company’s initial and primary investor. Other participants in this financing round included Thrive Capital, D1 Capital Partners, General Catalyst, GIC, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital.
Ramp, a financial operations platform, has successfully completed its Series E funding round, achieving a valuation of $16bn.
The funding, which reached a total of $200m, was led by Founders Fund, the company’s initial and primary investor.
Other participants in this financing round included Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital.
With this latest funding round, Ramp has raised a total of $1.4bn in equity financing to date.
Since its inception in 2019, Ramp is said to facilitate significant savings for its clients, amounting to $10bn.
The platform currently manages more than $80bn in annual purchase volume through card transactions and bill payments.
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In March this year, Ramp raised $150m through a secondary share sale, acquiring shares from employees and early investors.
Ramp serves a diverse clientele of more than 40,000 companies, including CBRE, Shopify, Anduril, Notion, Cursor, Vercel, Barry’s, and MAGNA-TILES.
Its offerings encompass a range of services, including corporate cards, expense management, bill payments, procurement, travel booking, and treasury functions.
Approximately half of Ramp’s customers utilise two or more products from its suite.
The platform is designed to optimise financial operations for businesses, combining various financial services into a single solution that aims to enhance efficiency and reduce costs, according to the company.
Cursor CEO said: “Most finance tools feel like they were built by people who’ve never worked at a high-velocity startup. Ramp’s engineering team is elite and ships fast. They actually understand what velocity means.”
Source: https://www.retailbankerinternational.com/news/financial-ramp-series-e-funding/