NY-based Ramp, a technology company that develops corporate cards and provides spend management software, raised US$ 115 million across two investments, at a valuation of US$ 1.6 billion on 9 April 2021.
Investors: Ramp raised the capital in two tranches. It raised US$ 65 million in an investment round led by D1 Capital Partners that valued the startup at US$ 1.1 billion. The second one was a US$ 50 million investment led by Stripe, the online payments giant, after which Ramp’s valuation went up to US$ 1.6 billion. Ramp had raised US$ 30 million in the December 2020 round.
The startup is backed by some of the most well-known leaders in financial services, including Founders Fund, Coatue Management, Thrive Capital, Redpoint and Box Group.
Purpose of funding: The funds raised will be utilized towards product development and hire new talent.
Co-Founded in 2019 by Eric Glyman (CEO), Gene Lee and Karim Atiyeh, Ramp is a technology company that develops corporate cards designed to save businesses money. The company helps corporations manage their spending and ensure control. It provides companies higher card limits, saving opportunities, automated expense management, faster receipt matching, seamless accounting integration and more.
Ramp claims that it is nearing a transaction run rate of US$ 1 billion. It makes money by collecting commission from customer spend as revenue via interchange incomes.
Products and features at a glance –
1. Corporate Cards – Unlimited virtual and physical cards
2. Spend Controls – Smart limits and category controls
3. Reimbursements – Direct payments for out-of-pocket spend
4. Constant Savings – 1.5% cashback and savings insights
5. Accounting – Best-in-class integrations and automation
6. Real-time Reporting – One dashboard for all company spend
Ramp provides 3 types of plans – Essential, Platform and Enterprise. Some of its customers include – Vanta, Republic, Candid, Freewill, WayUp, Truebill, Deel, Nuggs, Mode and ClickUp among many others.
The founder of Ramp, Eric Glyman said, “Our customers are removing existing software like Expensify in favour of Ramp’s own code in some instances. Ramp is not slowing down its product work. Almost all of the new capital will go into product work.”
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