History
- In Aug. 2019, Ramp raised a $8m seed round.
- In Feb. 2020, Ramp raised a $15m series A led by Founders Fund.
- In Oct. 2020, Ramp launched Ramp vendor management to have a single dashboard to see and control payments to all your vendors.
- In Dec. 2020, Ramp raised a $30m series A2 with D1 and Coatue.
- In Dec. 2020, Ramp launched Ramp Reimbursements to manage out of pocket expenses (i.e. expenses not done via Ramp’s cards).
- In Feb. 2021, Ramp raised $150m in debt from Goldman Sachs.
- In Apr. 2021, Ramp announced to have raised a $115m series B in two tranches: $65m led by D1 at a $1bn valuation and $50m led by Stripe at a $1.6bn valuation. Other investors such as Spark, Redpoint, Contrary and Thrive Capital also participated in the round.
- In May 21, Ramp launched multi-step approval processes to manage card issuing and reimbursement requests.
- In Jul. 21, Ramp announced the possibility to control card spendings to the merchant level (e.g. block unapproved vendors, restrict cards to one or several vendors).
- In Aug. 2021, Ramp raised a $300m series C at a $3.9bn valuation led by Founders Fund. Other investors such as Lux, Iconiq, Altimeter also participated in the round. It also acquired Buyer which is a procurement platform which also helps customers negotiates rebates on big ticket purchases (e.g. annual SaaS contracts).
- In Oct. 2021, Ramp introduced Bill Pay which is an AP automation product. It also announced a series of integrations with HR tools (Rippling, Gusto, Justworks, BambooHR) to improve workflows around employee onboarding and user management.
- In Feb. 2022, Ramp expanded into travel expense management with a modern product with the following features: (i) precise travel policies with real-time alerts when employees are out of policy, (ii) allowing employees to book with any service, (iii) partnerships with Lyft and WeWork and (iv) smooth expense receipts collection (either deep integration or via SMS/emails without the need to fill an expense form).
- In Mar. 2022, Ramp raised $200m in equity and $550m in debt in a series D at a $8.1bn valuation led by Founders Fund. At the time, it worked with 5k businesses, powered $5bn in annualised payment volume and grew its annual revenue by almost 10x in 2021. Other investors such as General Catalyst and Avenir Growth also participated in the round.
- In Mar. 2022, Ramp announced a partnership with Amazon Business to have a deep-integration matching automatically Amazon Business’ expenses with Ramp’s platform.
- In Jul. 2022, Ramp reported to have doubled its revenue run rate since the beginning of 2022.
- In Jul. 2022, Ramp launched an app on Stripe to integrate card expense data directly into your Stripe dashboard to have the full-picture of your business.
- In Aug. 2022, Ramp launched Flex which is flexible financing for its Bill product which is an Accounts Payable automation platform. Bill was launched in Oct. 21 and reached $1bn in annualised volumes in less than 6 months. With flexible financing, the vendor is paid right away and you have the flexibility to send the money in 30, 60 or 90 days in exchange of a fee. It’s a frictionless experience fully integrated into Ramp’s platform. It also preserve the flexibility for customers who can still pay their bills in multiple payment methods (cards, ACH, checks).
Product