Ramp Secures $300 Million in Series D Funding to Enhance Finance Automation Initiatives
In Brief
Finance automation platform Ramp The funding round was co-led by Thrive Capital and Sands Capital, marking a significant achievement for the company.
Ramp plans to channel these funds into accelerating its product development timeline. In addition, the company aims to grow its workforce to meet the rising demand from its expanding customer base.
Finance automation platform Ramp The funding round was jointly led by Thrive Capital and Sands Capital, with General Catalyst and Founders Fund also participating.
Ramp offers an array of management solutions that help businesses enhance their financial efficiency. This includes platforms for managing expenditures, automating accounts payable, optimizing procurement, overseeing vendor relationships, and providing pricing intelligence.
Ramp claims The platform claims to have saved over 15,000 companies upwards of $600 million and more than 8.5 million hours of employee time. Users have reportedly seen their expenses decrease by an average of 3.5%, while financial closure processes quickened by a factor of eight.
Noteworthy companies utilizing Ramp's offerings include Anduril, Poshmark, and Virgin Voyages.
Ramp plans to use the investment to fast-track its product development. Furthermore, the company is looking to grow its workforce to align with its ambitious growth objectives and a burgeoning clientele.
Moreover, the platform is aiming to accelerate its reach into neighboring sectors within finance automation.
"In the past year alone, we've rolled out new features making Ramp the only platform specifically aimed at saving businesses both time and money,\" said Eric Glyman, Ramp's CEO. \"Our goal is to help our customers create healthier businesses, and this funding will support our mission to enhance the Ramp platform for our users. At Ramp, we thrive when our clients can manage their businesses more effectively.\"
Ramp recently unveiled Ramp Intelligence This involves an AI-driven tool designed to provide financial teams with insights and uncover potential savings opportunities.
The company also unveiled its upcoming premium service, Ramp Plus, which is set to launch next month. Excitingly, this tool will become available to all customers.
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