Financial technology startup Ramp Business Corp. has raised a $300 million funding round that was led by Founders Fund and saw the participation of payments giant Stripe Inc., as well as more than a half-dozen other investors.

Ramp announced the round today. The startup said it’s now valued at $3.9 billion, more than twice what it was worth after its previous funding in April.

Ramp provides a cloud-based platform that enables companies to issue corporate payment cards to staff. Employees can use the cards to pay for work-related expenses such as software and cloud infrastructure. 

For accounting teams, Ramp provides analytics tools that automatically find opportunities to reduce expenses. The startup’s platform can, for example, highlight if a company is paying for enterprise software subscriptions it’s not using. Ramp additionally provides 1.5% cashback on all purchases made with its payment cards. According to the startup, its savings features help companies realize an average reduction of 3.3% in annual corporate card spending after they adopt its platform.

Ramp hopes to provide additional savings for customers in the future through the acquisition of fellow startup Buyer Inc., which it announced today in conjunction with the funding round. Buyer provides a service that helps organizations reduce their software spending.

“Up to now, we’ve provided savings insights based on your past transactions but now we’ll be able to proactively save you money before you spend,” Ramp co-founder and Chief Executive Officer Eric Glyman wrote in a blog post. “We’ll help you get the best price on everything from travel to software, using benchmark data derived from the millions of transactions on Ramp.”

Besides helping companies optimize their business expenses, Ramp also promises to reduce the amount of time that accounting teams spend on finance tasks. The startup uses artificial intelligence to partly automate repetitive workflows such as paying suppliers and organizing expenses. The result, Ramp says, is that its platform can save multiple days of work for accounting teams.

Ramp’s value proposition has helped it win more than 2,000 customers since launching less than three years ago. The startup said today that its revenues quadrupled over the last five months thanks to strong demand. Ramp didn’t share specific numbers, but it disclosed at the time of its previous funding round in April that the combined annual value of transactions made using its payment cards was nearing $1 billion. 

Previously, another corporate payment card startup called Pleo Technologies Ltd. closed a $150 million funding round last month at a $1.7 billion valuation. Similarly to Ramp, Pleo provides features that help make accounting teams more productive by automating repetitive tasks. 

Image: Ramp