Ramp secures USD 150 million in Series D-2 round

Friday 19 April 2024 09:59 CET | News

US-based spend management company Ramp has announced that it secured USD 150 million in a Series D-2 funding round in a bid to expand operations.

Ramp’s funding round was co-led by Khosla Ventures and Founders Fund, whilst also receiving participation from new investors such as Sequoia Capital, Greylock, and 8VC. The company’s current investors include Thrive Capital, General Catalyst, Sands Capital, D1 Capital Partners, Lux Capital, Iconiq Capital, Definition Capital, and Contrary Capital. As provided by Ramp, the funding brings the firm’s valuation to nearly USD 7.65 billion.

US-based spend management company Ramp has announced that it secured USD 150 million in a Series D-2 funding round in a bid to expand operations.

Ramp’s development strategy

Since its inception, Ramp has been committed to minimising time and funds spent by its customers, while also supporting them in expanding their business and increasing their profits. The company developed a full command-and-control system for company finances that allows card issuance, approval management, spending tracking and analysing, procurement of software and services, payments, and automation of book closing.

Ramp intends to leverage the newly acquired capital to advance its operations and capabilities, with the company working towards delivering increased value to its customers. In addition, the firm plans to include utilising artificial intelligence features to automate challenging processes, offer deeper insights into spending, and improve decision-making, among others. Currently, Ramp provides spend management upgrades, including budget routing, auto-suggested coding, and seat intelligence to track software usage against seats purchased, procurement, advanced accounts payables, deep accounting automation, and productivity software, allowing integrations with Microsoft Teams Copilot, Outlook, and Uber for Businesses.

Furthermore, as technology evolves, Ramp aims to set up its platform to make AI a feature that increases its customers' productivity, with the company planning to continue embedding these capabilities to make financial operations more efficient and convenient. At the moment, Ramp’s services are leveraged by businesses operating in ecommerce, defence, space, mining, healthcare, restaurant, and farming sectors in a bid to accelerate and modernise their finance functions.

Prior to the current announcement, Ramp acquired AI-powered startup Venue, intending to expand its procurement offering. The company purchased Venue in August 2023, when it stated that it was entering the procurement space, but made the official announcement in January 2024. Officials from the company confirmed that the firm’s plans include expanding this segment and serving more businesses with simple software that can improve difficult processes by making them more efficient and organised.

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Keywords: funding, spend management, investment, risk management, payments
Categories: Banking & Fintech
Companies: Ramp
Countries: United States
This article is part of category

Banking & Fintech


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