Ramp, a New York-based financial operations platform for businesses, has raised US$200 million in a Series E funding round, bringing its valuation to US$16 billion.

Founders Fund, Ramp’s first and largest investor, led the round for the fifth time.

Other participating investors included Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital.

The company has now raised a total of US$1.4 billion in equity financing.

Ramp says it has helped clients save approximately US$10 billion and 27.5 million hours through its platform.

Ramp reports supporting more than US$80 billion in annualized purchase volume, spanning card transactions and bill payments.

Its client base includes over 40,000 companies such as CBRE, Shopify, Anduril, Notion, Cursor, Vercel, Barry’s, and MAGNA-TILES.

The company’s offerings cover corporate cards, expense management, bill payments, procurement, travel booking, and treasury.

In August 2023, Ramp announced a US$300 million Series D on the back of strong revenue growth, rapidly increasing market share among small and mid-sized businesses, and successful expansion into the enterprise segment

According to Ramp, about half of its customers use more than one product from its suite.

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