Working to provide enterprises with a simplified way to manage their overall spending, fast-growing fintech company Ramp just announced a fresh injection of venture capital for its corporate card offering. Four months following its previous raise, the company closed on a $300 million Series C round that now values the unicorn at $3.9 billion.
The new round was led by Founders Fund and brings Ramp’s total capital raised to date to $620 million. The company operates a finance automation platform that currently serves more than 2,000 businesses across the country. It counts names like Ro, DoNotPay, Better, ClickUp and Applied Intuition as customers and offers their finance teams solutions for expense management, bill pay, real-time reporting and data integrations.
“We founded Ramp with the intent to empower businesses. Ramp’s mission is to save our customers time and money so they can focus on their mission,” Eric Glyman, Ramp’s co-founder and CEO, said in a statement. “Frankly the current state of finance tools and legacy card programs is not acceptable. They trap finance teams into doing unproductive ‘busy work.’ This funding will allow us to automate away even more of those tasks so that finance teams can focus on being more strategic.”
As it focuses on investing this round on product development, Ramp is looking back on plenty of growth since the beginning of this year. The number of cardholders on its platform has increased by 5x since January 1. Additionally, the company has tripled its card transaction volume since it raised its Series B back in April.
“It’s rare to find a company like Ramp whose growth is actually accelerating as they scale. Ramp’s vision of helping businesses spend less is clearly resonating with customers, so we are delighted to be leading this round,” Keith Rabois of Founders Fund, said in a statement. “The upside for Ramp is huge given the rapidly growing B2B payments opportunity and the ongoing consolidation of financial software in the enterprise.”
The new growth for Ramp doesn’t stop there. The company also announced its acquisition of negotiation-as-a-service platform Buyer. With Buyer’s tech, Ramp is planning to build out its own offering and provide customers with the data they need to negotiate the best price for any large purchases they can charge to their corporate card. This deal marks the company’s first acquisition.
Looking ahead, Ramp is also planning to bring on new talent to its team. It currently lists several available roles on its website spanning departments including engineering, sales, design, product and more.