Ramp has raised $750 million in a new funding round that values the fintech startup at $44 billion, nearly tripling its valuation from a year ago.
The round was led by ICONIQ, GIC, and the Ontario Teachers’ Pension Plan.
New investors included:
- Goldman Sachs Alternatives
- D.E. Shaw & Co.
- Morgan Stanley Investment Management
- Generation Investment Management
- Insight Partners
- BroadLight Capital
Existing investors also participated.
Revenue tops $1 billion
Ramp said its annualized revenue exceeds $1 billion, a milestone it first crossed in September.
Bloomberg reported that the company’s revenue run rate has now surpassed $1.5 billion.
The company also said it has:
- Achieved positive free cash flow
- Expanded its customer base to more than 70,000 businesses
Customers include:
- Visa
- Uber
- Shopify
- Anduril
- Figma
Ramp had around 50,000 customers in November.
Expanding beyond expense management
Originally focused on startup expense management, Ramp has broadened its product offerings.
Its services now include:
- Payments
- Fraud detection
- Procurement
- Vendor management
- Accounting
Building an AI-focused business
Ramp has increasingly positioned itself around artificial intelligence.
The company offers AI agents across several functions, including:
- Procurement
- Expense management
- Accounting
- Budgeting
It has also introduced a corporate credit card designed specifically for AI agents.
Chief Executive Officer Eric Glyman said the company is developing tools that help businesses monitor AI token usage across providers and enable AI agents to make payments on behalf of users.
Ramp said growth has already emerged from products aimed at managing AI-related spending.
AI costs under scrutiny
Businesses are paying closer attention to AI expenses as they seek returns on investments and tighter cost controls.
Uber recently imposed a limit of $1,500 per employee for AI tools after exhausting its AI budget for 2026 within four months.
Ramp is betting that helping companies track and manage those costs will create a new source of revenue.
IPO ambitions
According to Bloomberg, Glyman said Ramp intends to eventually go public, though he did not provide a timeline.
The company said it has now raised more than $3 billion since its founding.
Competitive landscape
Ramp competes with several fintech firms, including:
- Rippling
- Brex
Brex was acquired by Capital One this year in a $5.15 billion cash-and-stock deal.
TL;DR
Ramp has secured $750 million in fresh funding at a $44 billion valuation. The fintech company, which serves more than 70,000 customers, is expanding its AI offerings and developing tools to help businesses monitor AI spending.
AI summary
- Ramp raised $750 million at a $44 billion valuation.
- The company generates more than $1 billion in annualized revenue.
- Its customer base has grown to over 70,000 businesses.
- Ramp has expanded into AI expense and token usage management.
- The company plans to pursue an IPO in the future.
