Ramp raises USD 300 mln to expand in new categories

In an uncertain macroeconomic environment, companies of all sizes and across all industries are more focused than ever on their bottom line. As businesses look for modern finance tools that help them operate more efficiently and profitably, Ramp has seen increasing demand for its spend management platform along with its other products, such as accounts payable automation and procurement.

Saving companies increased amounts of employee time

Bringing together spend management, accounts payable, vendor management, and price intelligence, and procurement, Ramp is the most comprehensive finance automation platform. It's also the only company in the category that measures its success by how much time and money its software has helped customers save.

To support its ambitious growth plans and growing customer base, Ramp expects to hire significantly in the near future across all functions. The company will also remain opportunistic when pursuing growth-driving partnerships or acquisitions to solve more of its customers' needs. In September 2023, Ramp's paid edition of the platform, Ramp Plus, will be available to all customers.

Commenting on their experience of working with Ramp, officials from General Catalyst said they look to partner with generational companies, and Ramp has proven itself as a challenger that is transforming its industry to the benefit of businesses everywhere. They believe Ramp is emerging as a prominent company in the new category of finance automation. It is setting a new standard for what businesses should expect – transparency, value, efficiency, and tangible time and money savings.

Since June 2023, Ramp has:

• Entered the procurement software category with Ramp Plus, a new paid edition of its platform;

• Launched Ramp Intelligence, which uses natural language to generate insights for finance teams and proactively surface savings opportunities;

• Acquired Cohere.io, an AI-powered customer support platform, and announced the involvement of a CEO from Microsoft as an investor and advisor.

Ramp’s executives said their mission is to help their customers build healthier businesses and this funding will help them execute against their goal to continue expanding the Ramp platform to better serve customers. They succeed when their customers can run their business more efficiently.

What does Ramp do?

Ramp is the ultimate platform for modern finance teams. From spend management and expense management software, to bill payments and vendor management, Ramp's all-in-one solution is designed to automate finance operations and build healthier businesses. Over 15,000 businesses have switched to Ramp to cut their expenses by an average of 3.5% and close their books eight times faster.