Finance automation platform, Ramp, announced that it has raised $300m in Series D in an effort to expand into new areas and further develop its fintech product. The funding round was led by Thrive Capital and Sands Capital with additional support from General Catalyst, Founders Fund, and other existing investors, according to the New York-based fintech.
“I couldn’t be more proud of our performance since our last raise. We’ve grown our customer base by 4X and annual purchase volume by over 6X.,” Eric Glyman, co-founder and chief executive said on LinkedIn, “Ramp launched our first product 3.5 years ago – we’ve already crossed $300M in annualized revenue.”
Ramp operates a finance automation platform that offers businesses a one-stop-shop for expense and accounting automation software. According to the company, it has recently been tasked by the likes of resale clothing company Poshmark and Virgin Voyages to overhaul the two companies’ spend management systems.
Recently, Ramp acquired Cohere.ai, an AI-powered customer support platform that was founded by a former Ramp engineer and dubbed “homecoming” due to the shared history.
The fintech last raised $300m in Series C funding in August 2021, almost two years to date. At the time, the fintech was valued at $3.9bn.
“This round was as straightforward as possible: No ratchets. No participating preferred shares. No kickbacks that artificially inflate our valuation and misalign the interests of investors, management, & employees. Preferred and common shares were priced equally,” Glyman wrote.
