Founders Fund and Khosla Ventures co-led the investment round, with support from new investors Greylock, Sequoia Capital, and 8VC.

Ramp's current investors, such as Contrary Capital, Definition Capital, D1 Capital Partners, Iconiq Capital, Thrive Capital, General Catalyst, Sands Capital, Lux Capital, and others, also took part in the Series D-2.

The fintech claims that it would "triple down" on additional product development with the latest investment, which supplements the $300 million it secured in its Series D round in August 2023 at a value of $5.8 billion.

Ramp, a 2019 startup with its headquarters in New York, offers corporate cards, bill payments, accounting automation, expenditure and vendor management, and other financial automation services to organizations.

Ramp is especially eager to use the new funding to advance its products through the application of AI, hoping to develop solutions that improve decision-making, automate additional procedures, and provide more thorough spending insights.

Eric Glyman, co-founder and CEO of Ramp, claimed the company released over 150 new product improvements in 2023 when announcing the increase on the website. These developments include improvements to expenditure control, productivity tools, and procurement.

Ramp has been busy in M&A in 2024 as well. In February, the fintech purchased US-based start-up Venue, broadening its offering of procurement technologies.