The company raised $200 million in the fifth round led by its first and largest investor, Founders Fund, Ramp said in a Tuesday (June 17) press release.
Ramp powers over $80 billion in annualized purchase volume across card transactions and bill payments; serves more than 40,000 companies; and continues to expand the capabilities of its artificial intelligence-powered platform, according to the release.
“We’re building the financial operations platform for your business,” Ramp Co-founder and CEO Eric Glyman said in the release. “Corporate cards, spend management, bill pay, procurement, travel, treasury, accounting automations. Yes, it all might sound quite boring! And that’s precisely why we’re building it. Let the robots chase receipts and close your books, so you can use your brain and build things.”
When announcing the secondary share sale in March, the company said that the annualized payment volume it powers across card transactions and bill payments had risen to $55 billion, up from $10 billion in January 2023, and that the number of U.S. businesses it served had reached 30,000.
“Every product we build, every feature we launch, is focused on eliminating financial waste and busywork so companies can run more profitably,” Glyman said at the time in a press release. “AI is fundamentally changing how businesses operate, and we’re ensuring our customers are at the forefront of this transformation.”
In April 2024, Ramp was valued at $7.6 billion as it wound down a $150 million Series D-2 funding round.
Glyman said at the time that Ramp began life as a corporate card designed to help companies reduce spending and has since pivoted to begin work on a “full command-and-control system company finances.”
At the time, the system let users issue cards, manage approvals, track and analyze spending, procure software and services, make payments and “even automate closing your books.”
Ramp said in May that it would expand its issuing partnership with Stripe to launch stablecoin-backed corporate cards designed to facilitate cross-border transactions.
The combination of stablecoin-backed cards and Ramp’s corporate card and financial operations platform will enable issuance of new card programs in multiple countries at once.
In January, Ramp added a treasury solution to its financial operations platform, saying the new Ramp Treasury would allow businesses to earn 35 times more on their operating cash in a Ramp Business Account than the national average, or potentially earn higher yields in an investment account.
Ramp Treasury also enables businesses to get around three extra days of working capital and incremental earning by paying bills the day they’re due.
