Ramp, which helps businesses track and manage their expenses, has raised a $115M Series B in two tranches. D1 Capital Partners led the first $65M investment while Stripe led the second $50M investment.

How’s the company performing?

  • New York-based Ramp is a corporate card provider and helps companies track and manage their expenses through a spend management platform.
  • Ramp’s transaction volume has reportedly quintupled in the past 6 months and is nearing a run rate of $1B annually. Through December and January, the company’s revenue increased 68%.
  • The company’s purchase volumes grew 47% in December (month-over-month).
  • Ramp claims it has helped over 1000 customers save more than $10M in wasteful spend. Its customer base includes Ro, Better, and ClickUp, among others.

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The post Stripe-Backed Ramp Hits $1.6B Valuation On Goal Of Reinventing Corporate Cards appeared first on CB Insights Research.

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