Ramp, a leading financial operations platform, announced a Series E funding round, bringing the valuation to $16 billion. And for the fifth time, a Ramp funding round was led by Founders Fund – the company’s first and largest investor. It also included participation from 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 round, Ramp has raised $1.4 billion in total equity financing.
These are some of Ramp product improvements over the past year:
— To date, Ramp has saved customers $10 billion and 27.5 million hours.
— Ramp currently powers $80+ billion in annualized purchase volume across card transactions and bill payments.
— Ramp serves over 40,000 companies, including CBRE, Shopify, Anduril, Notion, Cursor, Vercel, Barry’s, and MAGNA-TILES.
— Ramp’s product line includes corporate cards and expense management, bill payments, procurement, travel booking, and treasury. And half of Ramp customers use two or more products across its platform.
Ramp co-founder and CEO Eric Glyman said that the goal of the company is to save your company time and money (without you noticing). And the company is building the financial operations platform for businesses: corporate cards, spend management, bill pay, procurement, travel, treasury, accounting automations, etc.
Over the last year, the company achieved the following:
— Doubled the percentage of employee expense reports fully completed and coded without humans needing to lift a finger.
— Decreased the time spent per administrative task – reviewing expenses, approving trips, paying bills, moving deposits to grow yield, etc. – by more than 50%.
— Launched 300+ features and made it easier to contact Ramp. And still, customers contacted us 34% less often.
— Put together, customers are getting three times more work done per minute spent on Ramp than they did just two years ago. Everything is faster and more intuitive.
Some of the new features include:
— Card & Expense: The AI auto-fills memos and categories as soon as a swipe clears, flags anything that looks out of policy, and automatically suggests memos for any transactions that still need human context.
— Procurement: Price and Seat Intelligence benchmarks every SaaS quote against anonymized market data; If you’re paying above the 80th percentile or holding unused seats, Ramp surfaces the delta and recommends a target price.
— Treasury: The cash forecasting predicts your liquidity needs and sweeps idle funds into higher-yield instruments. And when upcoming payroll or vendor runs tighten the buffer, we automatically pull the cash back, so you earn more without risking an overdraft.
KEY QUOTES: “People ask how we’re using AI in finance and I have a simple answer for them. We use Ramp.”
Rama Katkar, CFO Notion
“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.”
Michael Truell, CEO Cursor
“We still serve just 1.5% of the US market. That’s our motivation. Right now, we’re saving thousands of companies billions of dollars and hours a year. We should be saving millions of companies trillions of dollars and hours a year. I can assure you I’m not just writing this because it sounds good. There’s a lot more to do and a lot more to build. We’re grateful for the opportunity to earn your business every day – and we’ll keep delivering more time and money back to you with each one. Job’s not finished.”
Eric Glyman
