Financial technology provider Ramp raises $750M in funding at $44B valuation
Ramp Inc., a provider of cloud services that help companies manage their spending, today revealed it has raised $750 million in late-stage funding.
ICONIQ, GIC and the Ontario Teachers’ Pension Plan jointly led the Series F round. They were joined by nearly two dozen others, including Lightspeed, which was the biggest backer of Ramp’s previous raise in November. The company’s valuation has increased from $32 billion to $44 billion in the past seven months.
The cornerstone of Ramp’s product portfolio is a service that companies use to issue corporate credit cards to their employees. The cards provide users with access to a cashback program and discounts on popular software products. Accounting teams, in turn, can set spending limits to block unnecessary purchases.
The company also promises to ease a long list of other financial tasks. Its services help companies manage cash deposits, track budget adherence, pay suppliers and book business trips. It regularly launches new tools to maintain its revenue growth.
