Ramp, a dynamic finance automation platform geared towards optimizing business expenditures, has proudly announced the successful acquisition of $300 million in Series D funding. This substantial infusion of capital arrives on the heels of remarkable revenue growth, a commanding presence among small and mid-sized businesses, and a successful foray into the enterprise sector over the past year.
With this funding boost, Ramp is poised to turbocharge its already impressive pace of product development and further expand its reach into complementary domains.
Against the backdrop of an unpredictable macroeconomic landscape, businesses of all sizes and industries are intensifying their focus on bottom-line outcomes. As companies seek modern financial tools to streamline operations and enhance profitability, the demand for Ramp’s spend management platform and supplementary offerings, encompassing accounts payable automation and procurement, has surged.
This traction is evident in the adoption by major multinational and publicly-listed players such as Anduril, Poshmark, and Virgin Voyages, who have turned to Ramp to modernize their spend management strategies.
Ken Chenault, Chairman and Managing Director of General Catalyst and former Chief Executive Officer of American Express, lauded Ramp’s transformative prowess and its emergence as a pioneering force in finance automation. Chenault underscored Ramp’s commitment to elevating business standards in transparency, efficiency, value, and tangible time and cost savings.
Eric Glyman, CEO of Ramp, emphasized the company’s recent expansion initiatives and its overarching mission to empower businesses by enhancing efficiency and curbing costs. He affirmed that the freshly acquired funding will play a pivotal role in materializing Ramp’s vision of a dynamic platform designed to cater to evolving customer needs more effectively.
Notably, Thrive Capital, Sands Capital, General Catalyst, Founders Fund, and other existing investors were actively engaged in this funding round. This marks Thrive Capital’s fourth, Sands Capital’s debut, General Catalyst’s second, and Founders Fund’s eighth investment in Ramp.
Kareem Zaki, Partner at Thrive Capital, acknowledged Ramp’s transformative impact on CFOs and business leaders by delivering real-time transaction-level data that has reshaped operational management paradigms. This transformation is drawing larger enterprises to embrace Ramp’s solutions, thereby expanding its market footprint.
Ramp has demonstrated substantial value to clients, unlocking savings exceeding $600 million and conserving over 8.5 million hours in employee time. By harmonizing spend management, accounts payable, vendor management, price intelligence, and procurement, Ramp boasts the most comprehensive finance automation platform.
A defining characteristic is its steadfast commitment to quantifying success through the time and money saved for its customers.
With a view to supporting its ambitious growth strategy and accommodating its expanding client base, Ramp envisions significant recruitment across all operational spheres in the imminent months. The company remains receptive to strategic alliances and acquisitions that drive growth and cater to evolving customer demands. Next month, Ramp Plus, the premium edition of the platform, is set to be unveiled to all customers.