Ramp Raises $750M in Series F Funding, at $44 Billion Valuation

New investors included Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. The company is valued at $44 billion. With this round, Ramp has raised over $3 billion in total equity financing.

Previous investors who participated are Founders Fund, Lightspeed Venture Partners, D1 Capital Partners, T. Rowe Price, General Catalyst, Alpha Wave Global, 137 Ventures, Thrive Capital, Coatue, Sands Capital, Khosla Ventures, 1789 Capital, Avenir Growth, BoxGroup, 8VC, Pinegrove Venture Partners, Definition Capital, and Stripes.

The company plans to use the funding to expand its operations and accelerate product development.

Ramp announced a new product called Ramp Stack, an AI-powered tool designed to help accounting firms prepare financial statements for their business clients more efficiently.

The tool can automate task's such as account reconciliation, which involves checking financial records for accuracy. Accountants can also customize Ramp Stack by uploading their own close checklist allowing the software to follow the specific steps required during the financial closing process.

Ramp Stack was launched just a few weeks after another new product from Ramp. In April, the company introduced an AI agent that helps automate purchasing and procurement tasks.

Employees can describe what they want to buy in plain language, and the AI suggests suitable products. Once a company selects a product, the AI can also handle supplier onboarding tasks, including reviewing contracts and managing related paperwork.

A key part of Ramps business is its corporate credit card platform, which allows companies to issue cards to employees. The cards offer cashback rewards and discounts on popular software while finance teams can set spending controls and limits to manage expenses.

Ramp also helps businesses with a wide range of financial operations, including cash management, budgeting, supplier payments, and business travel bookings. The company continues to launch new products and features to support its growth and expand its services.

Read More:Offroad Raises $7M in Seed Funding Led by Ibex Investors

“For 500 years, business ran on two pillars of spend: people and vendors,” said co-founder and Chief Executive Officer Eric Glyman. “In the last 24 months, a third arrived – intelligence, paid by the token and invisible to every system we’ve built to manage cost. Ramp is the infrastructure for the third pillar.”

About Ramp

Founded in 2019 by Eric Glyman, Gene Lee and Karim Atiyeh, Ramp provides a financial operations platform that helps businesses save time and reduce costs. Its platform brings together corporate cards, payments, vendor management, procurement, travel booking and automated accounting tools in a single solution, making it easier for companies to manage their finances and operations.

Read More:Scotch Raises $20M in Series A Funding Led by VMG Partners