Ramp Raises $150m in Series D-2 Funding Round

US spend management fintech Ramp has secured $150 million in a Series D-2 funding round, elevating its valuation to $7.65 billion.

The funding round was co-led by Founders Fund and Khosla Ventures, with participation from new investors Greylock, Sequoia Capital, and 8VC. Existing investors, including Contrary Capital, Definition Capital, D1 Capital Partners, Iconiq Capital, Thrive Capital, General Catalyst, Sands Capital, Lux Capital, and others, also contributed to the round.

Ramp, founded in 2019 and headquartered in New York, offers a finance automation platform for businesses, integrating corporate cards, bill payments, accounting automation, expense and vendor management, among other services.

The new investment will fuel Ramp’s commitment to further product development, with a focus on leveraging AI capabilities to enhance decision-making, automate processes, and provide comprehensive expenditure insights.

Eric Glyman, co-founder and CEO of Ramp, highlighted the company’s progress, citing over 150 new product innovations launched in 2023. These innovations encompass procurement, productivity software, and spend management upgrades.

In addition to product innovation, Ramp has pursued growth through acquisitions, with the acquisition of US-based startup Venue in February 2024, expanding its range of procurement products.