Ramp’s $300M Series D Funding Boosts Plans for Finance Automation Expansion
In Brief
Finance automation platform Ramp announced the successful completion of a $300 million series D funding round co-led by Thrive Capital and Sands Capital.
The company intends to utilize the funds to expedite its product roadmap. Additionally, there are plans to augment the team size to accommodate the company’s ambitious growth goals and its expanding clientele.
Finance automation platform Ramp announced the successful completion of a $300 million series D funding round co-led by Thrive Capital and Sands Capital. Among the other participants in the round were General Catalyst and Founders Fund.
The company offers a variety of management tools that enable organizations to become financially efficient. This includes spend management solutions, accounts payable automation, procurement optimization, vendor management, and price intelligence.
Ramp claims that it has already saved over 15,000 businesses more than $600 million and more than 8.5 million hours of employee time. The user companies reportedly experienced average expense reductions of 3.5% and accelerated financial book closure by eight times.
Among the influential corporations that are using Ramp’s solutions are Anduril, Poshmark, and Virgin Voyages.
The company announced its intention to utilize the funds to expedite its product roadmap. Additionally, there are plans to augment the team size to accommodate the company’s ambitious growth goals and its expanding clientele.
Furthermore, the platform is aiming to quicken its expansion into adjacent categories within finance automation.
“In the last year alone, we’ve expanded Ramp’s offerings to become the only platform in the market that’s designed to save businesses time and money,” said Eric Glyman, the CEO of Ramp. “Our mission is to help our customers 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 businesses more efficiently.”
Ramp recently unveiled Ramp Intelligence, an AI-powered tool geared toward furnishing finance teams with insights and identifying opportunities for savings.
Additionally, the company has disclosed its forthcoming premium platform offering, Ramp Plus, set to debut in the upcoming month. Notably, this tool will be accessible to all customers.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
