In a round led by Founders Fund, New York-based business card and expense management platform Ramp has secured $300 million in new funding. The Series C round more than doubles the firm’s total equity capital raised, and gives Ramp a valuation of $3.9 billion.
Ramp’s 5-in-1 approach to enterprise spending management offers zero-fee corporate cards, accounting automation, billpay (including invoices, approvals, and payments), as well as expense management and real-time reporting that delivers insights that can be key to uncovering further savings opportunities. The platform offers automated expense reporting that includes collection and verification of more than 90% of receipts, and smart-rule powered automated reconciliation which, along with multi-entity and custom field support, enables accounting teams to close books up to 86% faster. Ramp integrates out-of-the-box with more than 100 different accounting, productivity, and security software packages from QuickBooks and Xero, to Slack and 1Password, to Google Suite and Okta.
According to company co-founder and CEO Eric Glyman, Ramp customers are saving 3.3% on average after switching to Ramp. This comes courtesy of a combination of savings insights, real-time spend reporting, and a 1.5% cashback policy. “This is tangible money saved that customers are reinvesting into activities that actually grow their business,” he said.
In addition to its funding announcement, Ramp also announced an acquisition. The company purchased “negotiation-as-a-service” platform Buyer which helps facilitate big-dollar business costs such as annual software contracts. The acquisition was the first for Ramp, which was founded in the spring of 2019; terms of the transaction were not immediately disclosed.
In a blog post at the Ramp website, Glyman noted that the funding raised, as important as it is, was not “the main news.” Instead, Glyman underscored the value of the financing automation platform Ramp is building, a platform that will help business save “even more time and money that we’ve done to date.” Glyman added that this will enable the company to move from providing savings insights based on the past to instead being “able to proactively save you money before you spend.” Everything from helping companies save money on travel expenses to enabling them to keep software costs low are on Ramp’s radar.
Photo by Zachary DeBottis from Pexels
In a spherical led by Founders Fund, New York-based enterprise card and expense administration platform Ramp has secured $300 million in new funding. The Collection C spherical greater than doubles the agency’s whole fairness capital raised, and offers Ramp a valuation of $3.9 billion.
Ramp’s 5-in-1 strategy to enterprise spending administration provides zero-fee company playing cards, accounting automation, billpay (together with invoices, approvals, and funds), in addition to expense administration and real-time reporting that delivers insights that may be key to uncovering additional financial savings alternatives. The platform provides automated expense reporting that features assortment and verification of greater than 90% of receipts, and smart-rule powered automated reconciliation which, together with multi-entity and customized discipline help, allows accounting groups to shut books as much as 86% sooner. Ramp integrates out-of-the-box with greater than 100 totally different accounting, productiveness, and safety software program packages from QuickBooks and Xero, to Slack and 1Password, to Google Suite and Okta.
In keeping with firm co-founder and CEO Eric Glyman, Ramp prospects are saving 3.3% on common after switching to Ramp. This comes courtesy of a mix of financial savings insights, real-time spend reporting, and a 1.5% cashback coverage. “That is tangible cash saved that prospects are reinvesting into actions that truly develop their enterprise,” he stated.
Along with its funding announcement, Ramp additionally introduced an acquisition. The corporate bought “negotiation-as-a-service” platform Purchaser which helps facilitate big-dollar enterprise prices resembling annual software program contracts. The acquisition was the primary for Ramp, which was based within the spring of 2019; phrases of the transaction weren’t instantly disclosed.
In a weblog put up on the Ramp web site, Glyman famous that the funding raised, as necessary as it’s, was not “the primary information.” As a substitute, Glyman underscored the worth of the financing automation platform Ramp is constructing, a platform that can assist enterprise save “much more money and time that we’ve finished to this point.” Glyman added that this can allow the corporate to maneuver from offering financial savings insights primarily based on the previous to as an alternative being “capable of proactively prevent cash earlier than you spend.” Every thing from serving to corporations get monetary savings on journey bills to enabling them to maintain software program prices low are on Ramp’s radar.
Photograph by Zachary DeBottis from Pexels
