The Collison brothers’ Stripe has returned to participate in Ramp’s Series C round, having co-led a $115m round in April.
Payments giant Stripe has once again backed US fintech start-up Ramp, participating in the corporate card company’s $300m Series C funding round.
The round comes just a few months after Stripe co-led a $115m funding round in April that saw Ramp valued at $1.6bn.
The start-up is now valued at $3.9bn after the Series C, which was led by Founders Fund. There was also participation Redpoint Ventures, Thrive Capital, D1 Capital Partners, Spark Capital, Coatue Management, Iconiq and Altimeter, among others.
Since it was founded in 2018, the New York-headquartered fintech has raised more than $620m.
Ramp builds expense management software for businesses that accompanies its corporate card. It said that more than 2,000 US businesses now use its spend management tech and the transaction volume on its corporate cards has tripled since April.
The Series C marks the latest investment for Stripe, the payments giant founded by Irish brothers John and Patrick Collison, which itself raised $600m earlier this year at a valuation of $95bn. Stripe also operates in the corporate card space, having launched its service in 2019.
Ramp plans to use its fresh investment to develop its finance automation platform for businesses and to fund acquisitions. The company has just acquired Buyer, a negotiation-as-a-service platform for tech firms.
It will also look to expand its team, which currently numbers about 150 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.