Latest news with #Ramp
Yahoo
2 days ago
- Business
- Yahoo
Financial operations platform Ramp secures $200m in Series E funding
Ramp, a financial operations platform, has successfully completed its Series E funding round, achieving a valuation of $16bn. The funding, which reached a total of $200m, was led by Founders Fund, the company's initial and primary investor. Other participants in this financing round included Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital. With this latest funding round, Ramp has raised a total of $1.4bn in equity financing to date. Since its inception in 2019, Ramp is said to facilitate significant savings for its clients, amounting to $10bn. The platform currently manages more than $80bn in annual purchase volume through card transactions and bill payments. In March this year, Ramp raised $150m through a secondary share sale, acquiring shares from employees and early investors. Ramp serves a diverse clientele of more than 40,000 companies, including CBRE, Shopify, Anduril, Notion, Cursor, Vercel, Barry's, and MAGNA-TILES. Its offerings encompass a range of services, including corporate cards, expense management, bill payments, procurement, travel booking, and treasury functions. Approximately half of Ramp's customers utilise two or more products from its suite. The platform is designed to optimise financial operations for businesses, combining various financial services into a single solution that aims to enhance efficiency and reduce costs, according to the company. Cursor CEO said: 'Most finance tools feel like they were built by people who've never worked at a high-velocity startup. Ramp's engineering team is elite and ships fast. They actually understand what velocity means.' "Financial operations platform Ramp secures $200m in Series E funding" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Ramp raises $200M
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Financial technology startup Ramp said Tuesday it raised $200 million, at a $16 billion valuation, led by billionaire Peter Thiel's Founders Fund, the New York-based company's largest investor. Ramp investors in the latest funding included Thrive Capital, the firm founded by Joshua Kushner, the brother of President Donald Trump's son-in-law, Jared Kushner; and 8VC, a venture capital firm co-founded by Joe Lonsdale, a co-founder of Palantir Technologies, with Thiel. Ramp's platform is focused on using AI intuitively on behalf of customers that may not have the resources to pursue AI tools on their own, Ramp's co-founder and CEO, Eric Glyman, wrote Monday in a letter to investors. 'And here's our commitment to you: this is the worst our product will ever be,' he wrote. New York-based Ramp offers corporate clients tools that handle tasks such as expense management, accounting, travel and procurement along with corporate cards and software to analyze and optimize corporate spending. Many of the 14 firms were previous investors in the company, which says it has 40,000 companies as customers and facilitates $80 billion in annual purchase volume. Thrive Capital, based in New York, and Austin, Texas-based 8VC did not immediately respond to emails Tuesday seeking comment on their investment. Ramp drew attention in April when ProPublica reported that the company had leveraged its political connections among Republicans to lobby for a General Services Administration contract to revamp the SmartPay charge card that federal employees use. The prior contracts for that work, from 2017, went to Citibank and U.S. Bank and were valued at as much as $700 billion through 2031, according to the GSA. Ramp gained at least four meetings with GSA officials appointed by President Donald Trump to discuss such work, the publication reported. The Visa and Mastercard-branded cards cover federal staff at about 550 agencies, allowing them to purchase travel, office supplies, gasoline and other work-related expenses. 'The RFI process is still ongoing and we're one of many vendors being considered,' a Ramp spokeswoman said Tuesday in an email. Ramp has raised about $2 billion in total venture funding since it was established in 2019. In the Ramp CEO's letter this week, titled 'let the robots chase receipts,' Glyman described the company as a 'net for catching hours and dollars. It's 'quiet efficiency.'' Recommended Reading Ramp reportedly angles for part of $700B US credit card program Sign in to access your portfolio
Bloomberg
3 days ago
- Business
- Bloomberg
Ramp's Valuation Jumps 20% in Latest Funding Round
Ramp CEO Eric Glyman talks about the company's $200 million Series E funding round that values the company at $16 billion, and how the fintech company is adding AI to its expense tools. Glyman joins Caroline Hyde and Ed Ludlow on "Bloomberg Tech." (Source: Bloomberg)
CNBC
3 days ago
- Business
- CNBC
Fintech Ramp's valuation hits $16 billion in deal led by Peter Thiel's Founders Fund
Ramp, which offers a financial operations platforms to corporate clients, has raised its valuation to $16 billion in a new fundraising led by long-time investor Founders Fund, Peter Thiel's venture firm. The $200 million round is the fifth that Founders' has led for Ramp and raised its valuation by $3 billion. It last raised money at a $13 billion valuation in March. Founded in 2019, Ramp offers services that cover corporate cards, procurement, bookkeeping, travel booking, and vendor management, and says it handles tens of billions in purchases annually across 40,000 companies. Ramp ranked No. 6 on the 2025 CNBC Disruptor 50 list. Its list of clients includes CBRE, Shopify and two fellow 2025 CNBC Disruptor 50 companies, Anduril and Notion (Founders Fund is also an investor in Anduril). Ramp has been increasing its offerings for enterprise companies. In January, it launched Ramp Treasury, which allows companies to earn 2.5% on idle operating cash. It also acquired Venue, an AI-powered procurement software startup, and used it to roll out new vendor payment tools. Last June, it debuted Ramp Travel, partnering with Priceline for booking and managing expenses for corporate travel, moving into the market of fellow Disruptor Navan. The company says it has shipped 270 features this year, with a focus on increased automation of financial operations and use of AI, and still serves only 1.5% of the addressable U.S. market. Ramp co-founder and CEO Eric Glyman wrote in a blog post about the fundraising that he is guided by his favorite companies' missions: "Increase the GDP of the internet (ten-time Disruptor Stripe); Make humanity a multiplanetary species (SpaceX); Be Earth's most customer-obsessed company (Amazon)." "Ours can fit on a Post-it too," he wrote. "Save your company time and money (without you noticing)." "Let the robots chase receipts and close your books, so you can use your brain and build things," he added. Additional investors in the round included Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital.
TechCrunch
3 days ago
- Business
- TechCrunch
In just 3 months, Ramp's valuation jumped to $16B, up from $13B
In Brief Spend management startup Ramp announced on Tuesday that it raised a $200 million Series E led by its largest investor, Founders Fund, at a post money $16 billion valuation. This is a jaw-dropping $3 billion increase over the $13 billion valuation Ramp announced just a few months ago in March from a $150 million secondary share sale. It's current valuation is also more than double the $7.65 billion Ramp hit a little over a year ago when it raised $150 million at a $7.65 billion post money. CEO Eric Glyman is remaining mum about revenue figures, although in March he said revenue had experienced 'incredible growth' over the previous figures it released. In the summer of 2023, he said Ramp had passed $300 million in annualized revenue. Other VCs, largely existing investors, who participated in the Series E round include Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital.
