Ramp Valued at $7.6 Billion Following Series D Round
Spend management platform Ramp says it is now a $7.6 billion company.
The firm on Thursday (April 18) announced it had reached that valuation as it wound down a $150 million Series D-2 funding round.
“This new funding will allow us to triple down on the next wave of innovation to deliver much more value for our customers,” founder and CEO Eric Glyman wrote on the company blog.
“This includes using AI capabilities to automate cumbersome processes, provide deeper insights into spending, enhance decision-making capabilities, and more. We’re just getting started as we help our customers create the finance function of the future.”
Glyman noted that Ramp began life as a corporate card designed to help companies reduce spending, and has since pivoted to begin work on a full command-and-control system for company finances.” This system, he added, lets users issue cards, manage approvals, track and analyze spending, procure software and services, make payments “even automate closing your books” from one place.
As PYMNTS has written, the emergency of digital tools such as automation, data analytics, and AI are revolutionizing the finance space. These technologies are increasingly combining to allow CFOs to streamline existing processes, get deeper insights from cross-departmental information centers, and make real-time, more efficient, data-driven decisions.
“Turning to automation transformed our finance department,” LiquidX CFO Abhishek Khandelwal said in an interview with PYMNTS.
“Things that used to take hours, for example analysts spending around 80% of their time pulling data and not analyzing it, are much more streamlined. It has totally transformed jobs, freeing up valuable time for more strategic exercises.”
He added that as AI advances, tactics like reporting through an Excel spreadsheet or a PDF document will become outdated.
“People will have access to real-time data through a gen AI interface,” Khandelwal told PYMNTS. “They can type in any question that they want and get an answer right away. If you want to retain good talent in today’s environment, you cannot give them something to do that is, for lack of a better word, boring.”
The funding announcement comes weeks after Ramp’s acquisition of Venue, a procurement startup backed by Sequoia Capital.
The move, announced in late January, is designed to expand Ramp’s procurement capabilities and marks an expansion for the company as it works to reduce inefficiencies across the entire financial tech stack.
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