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.
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