Ramp, a New York-based technology company that develops corporate cards, has more than doubled its valuation after securing a fundraise of US$ 300 million in a Series C funding round led by Peter Thiel’s Founders Fund on August 24 2021. The company also greeted investment from Redpoint, BoxGroup, Spark Capital, Lux Capital, Thrive Capital, Coatue, ICONIQ Capital, Altimeter Capital, Kinetic Ventures, Conversion Capital, Stripe, Contrary, Olive Tree Capital, Flexport, Honeycomb Portfolio, LGF, A* Partners, Definition Capital and Vista Public Strategies with its existing backer D1 Capital Partners.
This latest fundraise comes just four months after Ramp raised US$ 115 million in Series B led by D1 Capital Partners and Stripe.
The three-year-old startup differentiates itself from its competitors like American Express and Brex by saving an average of 3.3% annually on their client’s spending by recognising where the client is contributing money unnecessarily; for instance, duplicate accounts with the same vendor or overpaying for services. The competitors often incentivise clients’ employees to spend more money rather than helping to save it, says Glyman, co-founder of Ramp. Ramp’s card offers a flat 1.5% cash back rate.
What the CEO has to say
Co-founder and CEO of Ramp, Eric Glyman, said, “The speed that this has happened is, I think, fairly unprecedented. Most businesses tend to slow down in terms of growth rate as they get larger, and we’ve experienced some of the fastest growth we’ve ever had even though the absolute size of the business is larger.”
He added, “The industry has evolved to this place where people are trying to outsmart each other, spending a lot of time designing fancy points programs where they give you 5X points on this category and 2X on that.”
Established in 2019, Ramp is a technology company that develops corporate cards designed to save businesses money. The company is redesigning how corporate spending should be managed from the ground up to save time, money and ensure control. It provides companies with higher card limits, insightful saving opportunities, automated expense management, lightning-fast receipt matching, seamless accounting integration, and more.
Eric Glyman, Gene Lee and Karim Atiyeh founded the company with the same team that built, scaled, and sold Paribus to Capital One, spearheading Capital One’s push into saving technologies. Their group at Capital One enabled automated savings on online purchases and put over $100 million back in consumers’ pockets. Ramp is committed to providing that same value and savings to businesses. To know more, visit https://ramp.com/.
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