The company has received $550M in debt financing, which it plans to use to fuel global expansion and expand into the travel management space. Here are the top-line bullets you need to know.
Ramp, a provider of corporate credit cards, has raised $550M in debt from Citibank and Goldman Sachs, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Ramp offers credit cards to SMBs, and it also provides expense management, bill payment, accounting, and reporting services.
- The company’s clients include Ro, DoNotPay, Bristol Hospice, Walther Farms, ClickUp, and Applied Intuition.
- Ramp has developed integrations with applications such as Slack, Oracle Net Suite, Rippling, and Xero.
- The company’s platform has been used by over 2K businesses to process more than $1B in annual transaction volume.
Source: Ramp
WHY DOES THE MARKET MATTER?
- The global spend management software market is expected to reach a value of $4B by 2027, growing at a CAGR of 17.7%, according to Verified Market Research.
- Rapid digitization has led to the proliferation of account information and spend data, increasing the demand for solutions to enhance data visibility, insight generation, and regulatory compliance.
