Ramp raises $115mn in Series B at a valuation of $1.6bn

By Pavithra R

Ramp, America’s fastest-growing corporate card has announced securing $115mn in Series B funding from D1 Capital Partners and Stripe, with support from Goldman Sachs, Founders Fund, Coatue Management, Thrive Capital, Redpoint Ventures, Box Group, Neo, and Contrary Capital.

The new financing brings Ramp‘s total venture and debt financing to $320 mn. With a valuation of $1.6B, Ramp touts to be the first to surpass a $1bn valuation in under 2 years from incorporation.

“Like Square, Paypal, and Stripe, Ramp is rapidly emerging as a generational fintech company. Though it launched publicly just one year ago, Ramp is already viewed as the obvious choice for efficient spend management at the fastest-scaling, highest-performing startups. We are pleased to welcome Stripe, an innovative company that we deeply admire, to the Ramp team,” said Keith Rabois, Partner at Founders Fund.

Over the past 6 months, transaction volume on Ramp has grown by approximately 400%, and is nearing annualized transaction volume of $1B. The company is planning to use the finance to support its growth and product development. With the recent hire of former Stripe and Goldman Sachs executive Colin Kennedy as Chief Business Officer, the company will also grow its partnerships, sales, and marketing efforts.

“Ramp has become the card of choice for high-growth companies that want to remove any operational barriers that could get in the way of their ambitious goal. Mission-driven companies choose Ramp because they don’t have time to waste with inefficient processes, filing expense reports or optimizing points. We feel lucky to go to work for our customers and deliver software that helps companies operate higher performing businesses,” said Eric Glyman, co-founder & CEO, Ramp.

Founded in 2019, Ramp is a technology company building the next generation corporate card to save businesses money. The firm offers corporate card and spend management platform designed to help customers spend less.