Ramp bags $300 million in funding from investors and announces the acquisition of Buyer

This month the commercial payments company has raised over $550 million in funding taking the total funding for this year at $5.15 billion.

This week, US-based corporate card company, Ramp, has announced that it has bagged $300 million in series C venture funding which puts the company’s valuation at $3.9 billion. The funding round was led by Founders Fund with other participation from Redpoint Ventures, Thrive Capital, D1 Capital Partners, Spark Capital, Coatue Management, Iconiq, Altimeter, Stripe, Vista Public Strategies, Lux Capital, A Partners, Definition Capital, Honeycomb, Kinetic, and other existing investors.

Until now the company has raised over $620 million in a mix of equity and debt financing. The company says that over 2000 businesses are using Ramp as their primary spend management solution.

According to the press note, the new financing would be used to accelerate the development of its finance automation platform. It also makes a claim that clients save 3.3% annually by their corporate card spending to Ramp.

“The upside for Ramp is huge given the rapidly growing B2B payments opportunity and the ongoing consolidation of financial software in the enterprise,” said Keith Rabois, Partner, Founders Fund.

Along with the funding, the company also announced the acquisition of Buyer which is a negotiation-as-a-service platform. The company says that with the acquisition, it will be ‘able to offer a customized and proactive approach to savings on large purchases, which goes beyond the generic perks and discounts that most corporate cards offer today’.