Ramp, a startup focused on corporate credit cards and financial automation, has raised USD 300 million at a valuation of USD 5.8 billion, down from USD 8.1 billion at its previous round in 2022.
Existing backer Thrive Capital and new investor Sands Capital jointly led the round. Since receiving its most recent funding, Ramp has expanded into advanced spend management software, procurement, travel, accounts payable, working capital, global coverage, and intelligence.
It now provides services to more than 15,000 businesses. With the adoption of Ramp, the company claims that users have saved over USD 600 million and 8.5 million hours, with an average customer spending 3.5% less.
Read More: Ramp raises $300m at $5.8bn valuation