Expense management platform Ramp is in talks to raise $200 million in fresh funding, potentially boosting its valuation to $16 billion. According to The Information, existing investor Founders Fund is expected to lead the round, with participation from Sands Capital, Khosla Ventures, and others.
Founded in 2019 as a corporate card provider, Ramp has rapidly evolved into a full-scale finance operations platform. Its offerings now span procurement, travel, treasury, and expense automation, serving over 30,000 U.S. businesses. The company says its tools have saved clients $2 billion and 20 million hours, while processing more than $55 billion in annualized payment volume.
This funding comes on the heels of a March secondary sale that valued the company at $13 billion. So far, Ramp has raised $1.2 billion in equity and secured $700 million in debt commitments. Its investor list includes major names like General Catalyst, Sequoia Capital, Stripe, and Citi. With the new funds, Ramp appears poised to further expand its product suite and strengthen its dominance in the finance automation space.