After successfully raising $150 million in funding, the finance automation platform will have its choice of acquisition targets, according to research firm CB Insights
New York-based Ramp raised $150 million in funding last week, making it a standout in a season where fintech funding has slowed, according to Sanwal. That gives it the wherewithal for acquisitions, along with larger finance firms with cash to spend.
“With pressure on valuations, consolidation is inevitable in the expense management software market,” Sanwal said in Monday’s note. “It’ll be interesting to see if AmEx, Capital One, JPM Chase, or others might jump in and try to snatch up some tech and talent on the cheap.”
Ramp acquired procurement startup Venue in January, and an AI-powered customer support startup Cohere.io last July. The company also partnered with e-commerce company Shopify last August.
“We believe acquisitions are a great way to deliver more value for our customers through software that makes them more productive, efficient, and profitable. We look for small teams with expert engineers and technology that will accelerate our product roadmap,” Ramp VP of Strategic Finance Will Petrie said in an emailed statement.
By James Pothen on April 23, 2024
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