Ramp, a financial management software developer, has raised $300 million in its latest funding round to accelerate expansion into new categories.
Valuations for fintech startups have fallen recently as interest rates remain high and investors worry about a looming economic downturn, leading to a shift from cash-burning companies to profitability-focused ones.
The latest funding round was led by Thrive Capital and Sands Capital, as well as existing investors Founder's Fund and General Catalyst.
Ramp was founded in 2019 and offers a corporate card platform used by more than 15,000 businesses. Previous fintech investors have included Microsoft Corp CEO Satya Nadella, Goldman Sachs, Redpoint Ventures and Thrive Capital.
The financial management company intends to expand its software into related categories in an attempt to make clients' businesses more "efficient," CEO Eric Glieman said.
In May, Ramp said it plans to offer new AI tools, including a feature that can tell if the company is overpaying on its software contracts.