Corporate card start-up Ramp has raised $115 million in a Series B funding round co-led by D1 Capital Partners and Stripe, valuing its spend management platform at $1.6 billion.
The fundraising was supported by Goldman Sachs, Founders Fund, Coatue Management, Thrive Capital, Redpoint Ventures, Box Group, Neo and Contrary Capital, and will be used to support its growth and product development.
Ramp plans to add novel features and new payments capabilities, including sophisticated card controls, automated savings, and accounting automation.
It brings the total venture and debt financing raised by Ramp to $320 million and follows the $150 million in debt financing from Goldman Sachs announced in February this year.
Dan Sundheim, founder and chief investment officer of D1 Capital Partners, said: “The company attracts new customers by providing value and savings, and empowers CFOs and finance teams to operate at a higher level of efficiency. We look forward to supporting Ramp during its next phase of growth.”
Karim Temsamani, head of Stripe’s banking and financial products, added: “Ramp is taking a novel approach to corporate cards and spend management. We’ve been impressed by their product velocity and user focus.
“With this investment, we’re excited to partner with Ramp, and to further expand access to the corporate cards and expense management tools that businesses need.”
Ramp reported that transaction volume has grown by approximately 400% over the past six months and is nearing annualised transaction volume of $1 billion.
Written by Ellie Duncan, head of content at Open Banking Expo