Startups & Funding
Ramp raises $750 million at $44 billion valuation
Ramp has raised $750 million at a $44 billion valuation, nearly tripling its valuation within a year as it expands its corporate expense management platform.
Corporate expense management platform Ramp announced on Thursday that it has raised $750 million in a new funding round, valuing the company at $44 billion. The transaction nearly triples the company’s valuation within a year. The funding round was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan.
A group of new backers also joined the round, including:
- Goldman Sachs Alternatives
- D.E. Shaw & Co.
- Morgan Stanley Investment Management
- Generation Investment Management
- Insight Partners
- BroadLight Capital
Ramp stated that its annualized revenue—defined as the revenue calculated over a full year—is currently more than $1 billion, a milestone it crossed last September. Meanwhile, Bloomberg reported that Ramp’s run-rate revenue—the projected revenue based on current performance—is now more than $1.5 billion. The company has also reached positive free cash flow. Its customer base has grown to over 70,000, up from 50,000 last November. Its clients include Visa, Uber, Shopify, Anduril, and Figma.
Ramp is integrating AI agents—which are software programs that use AI to perform tasks autonomously—into its procurement, expense management, accounting, and budgeting products. Under CEO Eric Glyman, the company is building tools to help businesses monitor their AI token usage—the measurement of usage for generative AI models—across different providers. It has also introduced a corporate credit card specifically for AI agents to use, setting up infrastructure to enable these agents to make payments on behalf of users.
This focus on token spend management comes as enterprises seek to control AI expenditures. For example, Uber recently set a cap of $1,500 per employee for using AI tools after spending its entire AI budget for 2026 in just four months.
With more than $3 billion raised in total, Ramp continues to compete against firms like Rippling and Brex. Rippling bundles spend management alongside HR, IT, and payroll tools. Meanwhile, Brex was acquired by Capital One for $5.15 billion in a cash-and-stock deal.
Why it matters
Ramp’s valuation surge highlights strong investor appetite for fintech platforms that integrate AI tools for expense and procurement management.