Back in February, Ramp inked a partnership with Amazon Business to streamline business purchasing through its receipt-matching integration and both companies’ spend controls.
Ramp, a fintech startup that provides corporate management solutions, has increased its valuation to $8.1 billion after raising $200 million from investors led by billionaire investor Peter Thiel’s Founders Fund. The company’s valuation is more than double the $3.9 billion it reported at the completion of its last financing round back in August last year.
Besides the latest funding round, Ramp has also raised funds through debt financing from major financial institutions like Citigroup Inc (NYSE: C) and Goldman Sachs Group Inc (NYSE: GS). Besides Founders Fund, other participants in this latest funding round include D1 Capital Partners, Thrive Capital, Redpoint Ventures, Coatue Management, Iconiq, Altimeter, Stripe, Lux Capital, Vista Public Strategies, Spark Capital, Definition Capital, General Catalyst, Avenir Growth Capital, 137 Ventures, and Declaration Partners.
Ramp is a platform that develops solutions that helps in saving both time and money for its growing list of clients. Thousands of forward-thinking businesses trust Ramp to control spending, save time, and automate busywork. Based on its offering, the company saw its revenue grow by nearly 10x in 2021 and is powering over $5 billion of annualized payments volume on its platform.
Back in February, Ramp inked a partnership with Amazon Business to streamline business purchasing through its receipt-matching integration and both companies’ spend controls.
Ramp to Bolster Its Fintech Product and Service Offerings
According to the Ramp fintech startup, the funding round will be used to increase its workforce from the current number pegged at about 275, power its global expansion plans with a new outlet slated for Miami, and bolster its fintech product and service offerings respectively.
“Since day one Ramp has been designed to save our customers time and money, which is fueling our rapid growth. We’ve delivered over $130 million in savings for our customers to date. We’re helping companies close their books in eight hours instead of the industry median of eight days – freeing up 3.5 million hours of manual work,” Eric Glyman, CEO, Ramp said in a statement. “None of our competitors can say the same. With this funding, we will continue to help even more businesses manage and finance their money easier, faster, and smarter.”
Talking in terms of specificity, the funding round will be very instrumental in developing the startup’s finance automation platform, following its recent release of a travel product and features that automate expense management.
The role Ramp occupies in the global industry chain is crucial as the strained business world is exploring avenues to work more efficiently and to save relatively lower. Ramp is a channel to achieve this with minimal spending, and the startup’s existence generally creates a mutually beneficial relationship with all of its partners and clients. Amongst the startup’s clients includes Avelo, Marqeta, Ro Health, and 818 amongst others.
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