Finance automation and corporate credit card platform Ramp has achieved a $13 billion valuation following a $150 million secondary investment from employees and early backers.
Investors in this round include Stripe, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures, and Definition Capital. This funding nearly doubles Ramp’s valuation from the $7 billion reached in a funding round less than a year ago.
Founded in 2019 initially as a corporate card, Ramp has since evolved into a comprehensive operational system for finance teams. In the past year, the company has introduced procurement, travel, and treasury product lines, processing over $55 billion in annualized payment volume for more than 30,000 U.S. businesses.
Ramp asserts that it has saved its customers $2 billion and 20 million hours through its offerings.
“We’re obsessed with one goal: giving businesses back their time and money,” says Eric Glyman, CEO of Ramp. “Every product we build, every feature we launch, is focused on eliminating financial waste and busywork so companies can operate more profitably.”
Looking ahead, Ramp aims to accelerate product development in 2025, with an emphasis on enhancing its AI capabilities and launching new product lines. Glyman notes, “AI is fundamentally changing how businesses operate, and we’re ensuring our customers are at the forefront of this transformation.”