Ramp, a US finance automation platform and corporate card provider, has raised $750 million in new financing, bringing the fintech’s valuation to $8.1 billion.
The round included $200 million in fresh equity funding led by Founders Fund and with participation for existing and new investors, as well as $550 million in debt financing to support the company’s rapid scaling.
This debt financing includes $300 million from Citi and an additional $150 million from Goldman Sachs, which doubled its commitment to $300 million.
Ramp has now raised more than $1 billion in financing since its founding in March 2019.
The fintech, headquartered in New York, enables businesses to manage their spend and become sustainable. Its suite of finance tools include corporate cards, expense management, bill payments and accounting integrations.
It’s now in a position to scale after reaching 5,000 clients, growing its revenue by nearly 10 times in 2021 and overseeing more than $5 billion of annualised payments volume.
Commenting on the new financing, Eric Glyman, co-founder and chief executive officer at Ramp, said: “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.”