Finance automation and corporate credit card platform Ramp has hit a $13 billion valuation after investors purchased $150 million in secondaries from employees and early backers.
Stripe, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures, and Definition Capital participated in the deal, which sees Ramp's valuation nearly double from the $7 billion price tag it secured in a funding round less than a year ago.
Founded in 2019 as a corporate card, Ramp has evolved into a comprehensive system of operations for finance teams. Last year, it launched procurement, travel and treasury product lines and executed over $55 billion in annualised payment volume for its 30,000+ US business clients.
The company claims to have saved customers $2 billion and 20 million hours through its products.
“We’re obsessed with one goal: giving businesses back their time and money,” says Eric Glyman, CEO, Ramp. “Every product we build, every feature we launch, is focused on eliminating financial waste and busywork so companies can run more profitably."
Ramp plans to accelerate product development in 2025, with a focus on expanding its AI capabilities and launching new product lines. Says Glyman: "AI is fundamentally changing how businesses operate, and we’re ensuring our customers are at the forefront of this transformation."