Fintech company Ramp announced the completion of a $300 million financing at a post-money valuation of $5.8 billion, led by Thrive Capital and Sands Capital, with participation from General Catalyst, Founders Fund and other existing backers. The new funding will be used to accelerate product development and expand hiring in the second half of the year.

Founded in 2019 and led by CEO Eric Glyman, Ramp provides a financial automation platform ranging from corporate card and expense management software to bill payment and accounting integration, designed to save businesses time and money with every click.