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Ramp Raises $750M To Automate Expenses

New York-based Ramp, a corporate card and expense automation platform, announced it raised $750 million in debt and equity in a new financing that sets a valuation of $8.1 billion.

The investment included $200 million in new equity funding led by Founders Fund, joined by a long list of new and existing investors. Ramp also secured $550 million in debt financing backed by Citi and Goldman Sachs.

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Since its founding in 2019, Ramp has raised over $1 billion in financing. The latest investment follows a period of sharp growth, with Ramp stating that it grew revenue nearly 10x in 2021, with over $5 billion on annual payments volume from over 5,000 businesses on its platform.

To keep up that pace, Ramp quadrupled its workforce over the past year and plans to use a portion of the funding toward hiring. The company will also open a new office in Miami later this year.

Ramp’s big round is one of several for large transactions involving companies pitching cards and technologies that help companies track expenses. Others include:

  • Divvy, a Draper, Utah-based company offering a platform that helps businesses manage payments and subscriptions, was acquired last June by for approximately $2.5 billion in cash and stock.
  • TripActions and TravelPerk, two companies that offer travel and expense management for business travelers, raised $275 million and $160 million, respectively, in late-stage funding rounds this past year.
  • Soldo, a London-based startup offering company cards, along with expense tracking and management tools, raised $180 million in a July Series C round.

Illustration: Li-Anne Dias

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