New York-based corporate card startup Ramp closed a $300 million Series C funding round led by Founders Fund, with participation from Redpoint, Thrive Capital, D1 Capital Partners, Coatue, Spark Capital, Stripe, Box Group, Conversion Capital and Lux Capital.
Ramp CEO and Co-founder Eric Glyman pointed to Keith Rabois, Napoleon Ta, Delian Asparouhov and the rest of the Founders Fund crew for “continuing to be staunch supporters of Ramp since the very beginning” in a blog post on Wednesday (Aug. 25).
New investors Iconiq Capital, Altimeter Capital, Vista Public Strategies, A* Partners, Definition Capital, Honeycomb, Flexport, Lachy Groom Fund, Olive Tree and Kinetic also participated in the funding round.
This fresh infusion of capital boosts the startup’s valuation to $3.9 billion. The Ramp platform offers physical and virtual corporate credit cards and automates expense and payroll reports.
Related news: Corporate Card Company Ramp Is Raising $300M, CEO Says
Ramp said the company is working to develop a finance automation system that will do away with the wasted time spent “chasing receipts and expense reports,” according to the post. The technology startup launched in 2019 and is aiming to streamline finance tools in a way that traditional financial services firms have not been able to accomplish.
So far, the startup has created a corporate card and software solution that is helping companies save money. Ramp works with companies of all sizes — from startups to big corporates — and also serves every sector, including healthcare, construction, education and technology.
“Customers are saving 3.3 percent on average when they switch to Ramp,” according to Glyman, adding that Ramp offers 1.5 percent cashback in addition to savings insights and real-time spending reports.
See also: Deep Dive: Why Virtual-First Firms Need Transparent, Digital Spend Management Controls
“From my conversations with customers, we consistently hear the need for better-designed, easy-to-use software that frees people from the traps of busywork,” the CEO said.
“Travel booking, invoice processing, contract negotiations — those aren’t the reasons why you started a company, yet they’re the kind of mundane tasks that cost you and your team countless hours and resources,” he added.
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