Goldman Sachs provided $150 million in debt financing to Ramp, a corporate card and payment technology company.
“We are thrilled to work with Goldman Sachs for our first debt capital facility,” Eric Glyman, CEO of Ramp, said. “The funding from Goldman Sachs will allow us to accelerate our rapid growth and serve more customers as America’s fastest growing corporate card and spend management platform.”
Since the company’s launch, more than 30% of Ramp customers have cancelled existing third-party expense management subscriptions.
“Eight Sleep previously relied on American Express for its corporate card and Expensify as our expense management system,” Matteo Franceschetti, CEO of Eight Sleep, said. “Ramp was a complete game changer. It’s a single platform that can handle every aspect of our spending, including things that aren’t paid for with a card. This has led to immense savings, both in terms of dollars and time for our finance team. Given our success with the product so far, it’s no surprise to see the company is growing the way it is.”
Investors in Ramp include Founders Fund, Coatue Management, D1 Capital and more than 50 CEOs from companies like Warby Parker, Twitch, Away, Opendoor, Plaid and Rent the Runway.
