Ramp Secures $300 Million Investment to Expand Financial Services

Corporate spend management startup Ramp has raised $300 million in Series D funding.

The investment in the company, which was founded in 2019, was led by Thrive Capital and Sands Capital while existing investors Founders Fund, General Catalyst, Lux Capital and Definition also participated.

The company has a number of services aimed at the business travel industry, having launched Ramp for Travel in February 2022. The tool enables travel managers to set policies and spending limits for air, travel and accommodation and receive alerts regarding any out-of-policy spend. It also provides a dashboard of spend data enabling travel managers to monitor active trips.

The company has been developing a Google Chrome extension that enables travelers to book travel, access payment card and travel policy details. Ramp also has a travel partner program that includes integration with Corporate Traveler’s and TravelPerk’s booking platforms.

In a blog post, Eric Glyman, co-founder and CEO of Ramp, wrote that the company had grown its customer based fourfold since its previous funding in March 2022 and annual purchase volume sixfold.

The post added that the company decided to raise more capital to “create more value faster for our customers.” The funds will go towards accelerating the company’s expansion, recruitment and product development.

“Since our last raise, we’ve expanded into advanced spend management software, procurement, travel, accounts payable, working capital, global coverage, intelligence and shipped hundreds of new features and improvements that help businesses work more efficiently and effectively,” said Glyman.

Linda Fox www.businesstravelnews.com