Stripe deepens investment in US corporate card rivals Ramp

Irish-owned payments firm Stripe has backed US fintech start-up Ramp for a third time, providing the corporate card start-up with $300m in Series C funding.

Stripe previously co-led a $115m funding round for its New York rivals in April, which saw them valued at $1.6bn.

Thanks to the latest Series C funding round, Ramp is now valued at $3.9bn. To date, it has raised more than $625m, making it one of the US’s fastest growing start-ups. Over 2,000 US businesses use Ramp and the transaction volume on its corporate cards has tripled since April.

The number of cardholders on its platform increased fivefold since the beginning of this year.

Stripe introduced its corporate card service in 2019 and, it, too, continues to grow in value. It amassed an additional $600m earlier this year at a valuation of $95bn, making it one of the most valuable privately owned companies in the world.

Ramp, which was founded in 2018, plans to use its latest funds to develop its finance automation platform for businesses as well as begin making its own acquisitions. The company has just acquired Buyer, a negotiation-as-a-service for tech firms.

It will also look to expand its team, which currently numbers about 150 employees. Prior to its April funding boost, Ramp had just 65 employees.

In a blog post published to accompany the funding news, Ramp’s co-founder and CEO, Eric Glyman, wrote: “The real headline is that we’re building finance automation that will help companies save even more time and money than we’ve done to date. When I think about how much time finance teams still waste chasing receipts and expense reports, it’s mind-boggling.”

Glyman added that software purchasing was especially “rife with inefficiencies” and Ramp’s finance automation platform would save clients time and money.

Glyman also thanked the fund’s leaders, Founders Fund, as well as other funders which included Redpoint Ventures, Thrive Capital, D1 Capital Partners, Spark Capital, Coatue Management, Iconiq, Altimeter, Stripe, Lux Capital, A* Partners, Definition Capital.

The post Stripe deepens investment in US corporate card rivals Ramp appeared first on Silicon Republic.

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