New York-based Ramp has announced the close of a $300 million Series D funding round at a post-money valuation of $5.8 billion.
The move comes as the company experiences a value drop of 28 per cent compared to its peak valuation of $8.1 billion in 2021.
Chief executive and co-founder Eric Glyman said that while today’s valuation is lower than its peak in late 2021, it “reflects exceptional performance” by the team and support from customers.
The 2019-founded financial automation FinTech, which provides a platform for users to manage the corporate card management and automate various accounts payable processes, said with the latest fundraise it has “never been in a stronger position” to provide value to finance teams and “those seeking to build better businesses” among its 15,000-strong userbase.
The funding will also be used to invest further in people, products and service development, Ramp added.
Since its previous fundraise of $200 million in 2022, Glyman stated that the company has expanded into advanced spend management software, procurement, travel, accounts payable, working capital, global coverage, and intelligence.
Latest News
-
UK regulators launch inquiry into Big Tech digital wallets
-
Citi taps Barclays for new commercial head
-
Santander launches digital sign language service
-
Anne Boden steps down from Starling board to 'develop AI business'
-
NatWest payments arm partners with JD Wetherspoon
-
Government stake in NatWest drops below 20 per cent
Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.
Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.
Click here to read the 2023 State of the Phish report from Proofpoint.
Click here to read the 2023 State of the Phish report from Proofpoint.
Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.
Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories