American financial management software platform Ramp has raised $300m in its latest funding round to expand into new categories.

The company has secured this funding at a $5.8bn post-money valuation.

A report by Reuters said that the finance management platform’s current funding is at a lower valuation from $8.1bn round last year, as the interest rates remain high and the economic slowdown continues to make investors anxious.

According to Ramp co-founder and CEO Eric Glyman, this additional capital has been raised to “create more value faster” for customers, while it will also allow the company to flexibly continue investing with a focus on customer value creation.

Apart from making itself more financially efficient and effective, Ramp aims to focus on solving “real customer pain points”.

This funding round was co-led by Thrive Capital and Sands Capital along with the participation of General Catalyst, Founders Fund, Lux Capital and other existing investors, a Bloomberg report noted.

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The report quoted Thrive Capital partner and Ramp investor Kareem Zaki as saying: “It’s been tough for financial technology businesses and that he sees Ramp as one of the few companies that can raise in this environment. They have had the right north star.”

Ramp is currently serving more than 15,000 small businesses and companies.

The company has surpassed $300m in annualised revenue and is presently not profitable, as it is spending more on growth, Glyman told Bloomberg News in an interview.

Since its last funding round, Ramp has expanded into advanced spend management software, working capital, global coverage, procurement and has also delivered various new features and improvements to boost the efficiency of customers.