FinTech Ramp Secures $300 million Series D to Expand Business Categories
FinTech company Ramp has secured $300 million in a Series D funding round, bringing its post-money valuation to $5.8 billion.
The funding will allow Ramp to expand its business categories and deliver more value to its customers, the company said in a Tuesday (Aug. 22) press release.
Commenting on the news in a company blog post, Ramp CEO Eric Glyman said in the last year, they’ve expanded offerings to save businesses time and money.
Glyman added that the company’s mission is to enable their customers to “build healthier businesses, and this funding will help us execute against our goal to continue expanding the Ramp platform to better serve customers. At Ramp, we succeed when our customers can run their business more efficiently.”
Since its launch in 2019, the New York-based finance automation platform operator has been expanding its business categories, venturing into advanced spend management software, procurement, travel, accounts payable, working capital, global coverage and intelligence. The company’s primary focus is on helping businesses save time and money, and has so far saved customers more than $600 million and over 8.5 million hours of employee time, the release noted.
The FinTech firm has also introduced several new features and improvements designed to help businesses work more efficiently and effectively, and currently serves over 15,000 small and large companies — about five times the number of companies it was serving at the time of its last fundraise.
One of its notable firms relying on its services is Shopify, which earlier this month chose Ramp to provide expense management expertise, PYMNTS reported.
“Our needs are incredibly complex, we weren’t sure anyone could meet them and tried to build a platform ourselves,” Phil Whitham, director and international controller, Shopify, said in a news release at the time. “But then we found Ramp, and we saw a system that had the features we needed to operate and the building blocks we needed in the future.”
Whitman added that being in a “state of hypergrowth for 10 years” makes it easy to identify partners who have the “the commitment to support that kind of scale. Ramp has shown the commitment we need from a long-term partner,” he said.
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