“Today, Ramp raised $1.85B at a $60B valuation,” Eric Oancea, who leads Ramp in Europe, wrote on LinkedIn.
His post confirms the round that Bloomberg reported on 10 October. Ramp’s co-founders, Eric Glyman and Karim Atiyeh, marked the new valuation with a blog post on 15 October, titled “Ramp at $60B: The End of the Beginning”.
The post gives new figures. According to Ramp, 85,000 businesses use it, and it saves them more than $1bn a month. It passed $2bn in annualised revenue over the summer, with positive cash flow.
In September alone, Ramp says, it saved customers 1.5 million hours. The founders compare that to giving 9,000 people a working month back.
Two raises in six months
Oancea wrote that he joined Ramp less than six months ago, and that this is already his second raise there. He listed what changed in that time.
The valuation went from $32bn to $60bn, and annualised revenue from over $1bn to over $2bn. Customers rose from 65,000 to 85,000. The average saving for customers grew from 5% to 7.5% of their spend. Ramp went from no markets outside the US to three.
In June, Ramp raised $750m at a $44bn valuation. Neither Ramp’s post nor Oancea’s names the investors in the new round.
Europe is next
Ramp went live in the UK on 15 September with corporate cards, expense management, bill payments and accounting automation, according to its launch post. In March it bought Billhop, a fintech based in Stockholm.
Ramp now adds more than 100 UK customers a month, Oancea wrote. He offered to onboard new customers himself, adding that they do not need to wait for their current contracts to run out.
“Job’s not finished. We are just getting started. More countries coming very soon,” Oancea wrote, with an EU flag.
What Ramp built this year
The founders listed the products Ramp launched this year. They include Stack, for closing the books faster, Accounts Receivable, AI Spend Management and Router, which picks the right AI model. There is also Glass, so a team only has to learn things once.
“Plus 476 more features. It’s only October,” they wrote.
“Chapter 1 was about what we could build. Chapter 2 is about what you can,” Glyman and Atiyeh wrote.