Ramp, a prominent US-based spend management FinTech, has successfully concluded its Series D-2 funding round, securing an impressive $150 million.

This latest financial injection, as reported by FinTech Futures, has significantly boosted the company’s valuation to an impressive $7.65 billion.

The $150 million round was co-led by Founders Fund and Khosla Ventures, with substantial contributions from notable new investors such as Greylock, Sequoia Capital, and 8VC. Additionally, the round witnessed the participation of several existing investors, including Contrary Capital, Definition Capital, D1 Capital Partners, Iconiq Capital, Thrive Capital, General Catalyst, Sands Capital, Lux Capital, and others.

Founded in 2019 and headquartered in New York, Ramp offers a comprehensive finance automation platform that seamlessly integrates corporate cards, bill payments, accounting automation, expense and vendor management, among other services. This all-encompassing solution is designed to streamline financial operations for businesses of all sizes.

The newly acquired funds are earmarked for an ambitious expansion of Ramp’s product offerings, particularly through the integration of advanced AI technologies. The company is set to intensify its focus on product development to enhance decision-making capabilities, automate more processes, and provide deeper insights into spending patterns.

Eric Glyman, co-founder and CEO of Ramp, highlighted the company’s innovative spirit, emphasizing, “In 2023, we launched over 150 new product innovations that have significantly advanced procurement, productivity software, and spend management solutions.” Ramp’s proactive approach to product enhancement underscores its dedication to driving innovation in financial management technology.

As part of its strategic growth initiatives, Ramp made a significant move in February 2024 by acquiring the US-based startup Venue, thereby expanding its suite of procurement products. This strategic acquisition aligns with Ramp’s broader M&A strategy aimed at solidifying its position as a comprehensive solution provider in the spend management landscape.

Commenting on the funding, Ramp CEO Eric Glyman stated, “This funding allows us to accelerate our mission of automating financial oversight and generating real-time insights that empower businesses to be more efficient.”

Previously, Ramp had raised $300 million in a Series D funding round in August 2023, valuing the company at $5.8 billion. This latest funding round underscores Ramp’s significant growth trajectory in both market valuation and operational scope.

Source: fintech.global

UK fintech Wagestream has secured a fresh £17.5 million investment to bolster its financial benefits platform tailored for low and middle-income earners.

The funding round includes contributions from existing investor Northzone, which also participated in Wagestream’s $175 million Series C funding in 2022, along with new investors Lombard Odier Investment Managers and British Business Bank subsidiary British Patient Capital.

Wagestream’s platform empowers employers to provide their workforce with access to an interactive payslip, enabling employees to select when they receive payment, save directly from their earnings, reduce expenses on bills, and access free debt advice.

Peter Briffett, co-founder and CEO of Wagestream, highlights the platform’s role in enhancing the work experience, improving quality of life outside of work, and driving business benefits for employers. Briffett emphasizes that healthy and financially secure teams are more loyal and productive.

Operational across 1,000 employers in the US, UK, and Spain – including notable names like Asda, Burger King, Bupa, Hilton, and the NHS – Wagestream serves approximately 3 million employees, primarily comprising shift and frontline workers.

With the latest funding infusion, Wagestream aims to expand its platform to offer a comprehensive suite of financial services. This expansion includes addressing the £430 premium that low and middle-income workers typically pay to access essential services.

Wagestream plans to introduce new services such as a credit-builder card for individuals with poor credit scores, shopping discounts to alleviate inflationary pressures, loans, and an AI-powered financial advisory tool, all slated for launch later this year.

The fintech company’s technological capabilities were reinforced by its acquisition of London-based credit card challenger Keebo in October last year.

Source: fintechfutures.com