back Back

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

By Pavithra R

April 09, 2021

  • America
  • Ramp
Share

Ramp raises $115mn in Series B at a valuation of $1.6bnRamp, 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.

Previous Article

April 09, 2021

Wirex rolls out Double Cryptoback Rewards for April

Read More
Next Article

April 09, 2021

Envestnet acquires Harvest Savings & Wealth Technologies, visions a unified financial wellness ecosystem

Read More






IBSi Daily News Analysis

Data privacy

June 19, 2024

America

EMEA faces $85bn annual financial crime compliance costs, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Revolut partners GTN to bring bond trading to EEA customers

Read More

June 19, 2024

Aspen Digital gets approval for financial services operations in the Middle East

Read More

June 18, 2024

Ramify raises €11m to boost its wealth management platform

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023