Ramp Raises $200M in Funding Led by Founders Fund: AI-Powered Corporate Spending Solutions for Expansion
Financial technology startup Ramp has announced a $200 million funding round at a $16 billion valuation, led by billionaire Peter Thiel’s Founders Fund. The New York-based company’s platform uses AI to handle tasks such as expense management, accounting, travel and procurement, along with corporate cards and software to analyze and optimize corporate spending. Ramp’s co-founder and CEO, Eric Glyman, wrote in a letter to investors that the platform is focused on using AI intuitively on behalf of customers that may not have the resources to pursue AI tools on their own. “And here's our commitment to you: this is the worst our product will ever be,” he wrote. Ramp offers corporate clients tools that handle various tasks, including expense management, accounting, travel and procurement, along with corporate cards and software to analyze and optimize corporate spending. The company has 40,000 companies as customers and facilitates $80 billion in annual purchase volume. Many of the 14 firms were previous investors in the company. In April, Ramp drew attention when ProPublica reported that the company had leveraged its political connections among Republicans to lobby for a General Services Administration contract to revamp the SmartPay charge card that federal employees use. The prior contracts for that work, from 2017, went to Citibank and U.S. Bank and were valued at as much as $700 billion through 2031, according to the GSA. Ramp gained at least four meetings with GSA officials appointed by President Donald Trump to discuss such work. “The RFI process is still ongoing and we're one of many vendors being considered,” a Ramp spokeswoman said Tuesday in an email. Ramp has raised about $2 billion in total venture funding since it was established in 2019. In the Ramp CEO’s letter this week, titled “let the robots chase receipts,” Glyman described the company as a “net for catching hours and dollars. It’s ‘quiet efficiency.’”
