The funding valued Ramp at $8.1 billion.

Ramp is a finance automation platform and the first corporate card designed to help businesses control spending. The company announced today $750 million in new financing, bringing its valuation to $8.1 billion.

The raise included $200 million in fresh equity funding led by Founders Fund, with participation from all major existing investors including D1 Capital Partners, Thrive Capital, Redpoint Ventures, Coatue Management, Iconiq, Altimeter, Stripe, Lux Capital, Vista Public Strategies, Spark Capital, and Definition Capital. They were joined by new investors General Catalyst, Avenir Growth Capital, 137 Ventures, and Declaration Partners, in addition to tech industry leaders.

Ramp also obtained $550 million in debt financing to support its rapid scaling, including $300 million from Citi (NYSE: C) and an additional $150 million from Goldman Sachs (NYSE: GS), which doubled its commitment to $300 million .

Cumulatively, the company has raised over $1 billion since its founding in March 2019.

High growth

In 2021, Ramp grew its revenue nearly 10X, facilitating more than $5 billion in annualized payments. It has more than 5,000 businesses registered on its platform, and recently launched Bill Pay, a B2B payments tool that has proved to be its fastest-growing solution so far.

It also launched additional services including negotiation-as-a-service and Ramp For Travel.

Said Eric Glyman, co-founder & CEO: “Since day one Ramp has been designed to save our customers time and money, which is fueling our rapid growth. We’ve delivered over $135 million in savings for our customers to date. We’re helping companies close their books in eight hours instead of the industry median of eight days – freeing up 3.5 million hours of manual work.”

The startup will use the new funding to accelerate the development of its finance automation platform, support a larger workforce, and to open a new office in Miami later this year.

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