Finance automation platform Ramp grabbed $750 million in financing to bring its valuation to $8.1 billion, according to a Monday (March 21) company press release.
Ramp’s funding round included $200 million in fresh equity funding led by Founders Fund, with participation from all major existing investors, including D1 Capital Partners, Thrive Capital, Redpoint Ventures, Coatue Management, Iconiq, Altimeter, Stripe, Lux Capital, Vista Public Strategies, Spark Capital and Definition Capital.
New investors include General Catalyst, Avenir Growth Capital, 137 Ventures and Declaration Partners and other tech industry companies.
Ramp also brought in $550 million in debt financing to support the company’s growth, including $300 million from Citi and $150 million from Goldman Sachs. Ramp has raised more than $1 billion in financing since its founding in March 2019.
Ramp has more than 5,000 businesses on its platform and powers more than $5 billion in annualized payments volume. The company launched B2B payments tool Bill Pay and Ramp for Travel.
“We are pursuing an extraordinary opportunity to overhaul an industry that historically has been misaligned and out-of-touch with the needs of its customers,” said Eric Glyman, co-founder and CEO of Ramp, in the company press release.
Related: Finance Automation Platform Ramp, Employee Manager Rippling Team on Employee Spend, Cards
In September, Ramp partnered with employee management platform Rippling to streamline onboarding and improve employee spending.
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