Ramp raises $150M to bring AI to spend management

Ramp, a specialist in travel and expense management solutions, has raised $150 million Series D-2 funding.

The investment was co-led by Khosla Ventures and Founders Fund with new investors Sequoia Capital, Greylock and 8VC also participating.

In a blog post co-founder and CEO Eric Glyman said the funding was not “just a financial milestone. It’s a recognition of every customer who has trusted Ramp to redefine their financial operations — and a bet on every customer who will trust us in the future.”

The latest investment in the corporate spend management startup, which launched in 2019, comes on top of $300 million in Series D funding announced in August 2023. The company launched Ramp for Travel just over two years ago. In the post, Glyman added that Ramp’s core mission to help companies spend less remains the same but that the platform's capabilities have increased.

“We’ve been hard at work building a full command and control system for company finances that lets you issue cards, manage approvals, track and analyze spending, procure software and services, make payments of all kinds, and even automate closing your books — all in one place.”

The latest funding will go toward “the next wave of innovation,” he said. 

“This includes using [artificial intelligence] capabilities to automate cumbersome processes, provide deeper insights into spending, enhance decision-making capabilities and more.” Later in the post, Glyman said, “Our platform is set up to make AI a force multiplier of productivity for our customers, and our plan is to continue embedding state-of-the-art AI capabilities to make financial operations vastly more efficient. This is the future.”

See below for Ramp's Launch pitch at the Phocuswright Conference 2023:

And an interview with Ramp's travel partnerships lead and Phocuswire news editor Derek Catron: