Ramp raises $1.85B as it expands beyond finance software
Ramp Business Corp., a provider of corporate credit cards and business software, today announced that it has raised $1.85 billion in funding. Dragoneer led the Series G round. Thrive Capital, Founders Fund, Sands Capital and Avenir Growth joined as co-leads. The deal, which values Ramp at $60 billion, also drew contributions from two dozen other […] The post Ramp raises $1.85B as it expands…
Corporate credit card provider Ramp Business Corp. has raised $1.85 billion in funding to expand its services beyond finance software. Dragoneer led the Series G round, with Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth as co-leads. The deal valued Ramp at $60 billion, following its previous $750 million raise just months ago.
Ramp's flagship product is a cloud service that allows companies to issue corporate credit cards to employees, with access to $350,000 worth of offers from various startups and businesses. Accounting teams can set spending limits for each supplier and product category, while an integrated expense management tool helps workers determine if a purchase is covered by their company's reimbursement policy.
Ramp also competes in over a dozen product categories, including a service to keep cash reserves in a high-yield account and AI agents to process supplier bids for contracts. The company's latest addition, called Glass, enables workers to share chatbot prompts and search business records using natural language queries. Ramp's product development is paying off, with most of its 85,000+ customers using at least two products, and a quarter adopting three or more.
The company's annualized revenue surpassed $2 billion ahead of the funding announcement. CEO Eric Glyman stated that AI will enable the company to complete tasks at a lower cost.
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