Ramp Raises $750M at $44B Valuation Amid Growing Investor Interest in AI-Powered Fintech Solutions

On Thursday, Ramp, a corporate expense management platform, announced it has raised $750 million at a valuation of $44 billion, nearly tripling its worth in just one year as investors flock to this rapidly advancing startup.

The funding round was led by ICONIQ, GIC, and the Ontario Teachers’ Pension Plan, with participation from new investors such as Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. Several existing investors also joined in on this round.

Ramp reported annualized revenue exceeding $1 billion, having crossed that mark last September. According to Bloomberg, its current run-rate revenue now exceeds $1.5 billion. The company has also achieved positive free cash flow and currently serves over 70,000 customers, up from 50,000 last November, including notable brands like Visa, Uber, Shopify, Anduril, and Figma.

Initially targeting startups with its expense management solutions, Ramp has expanded its services to include payments, fraud detection, procurement, vendor management, and most recently, accounting.

The company has adopted an AI narrative, rolling out AI agents in its procurement, expense management, accounting, budgeting, and other offerings. It has also introduced a corporate credit card designed for use by AI agents.

In a detailed blog post that seems partially AI-generated, CEO Eric Glyman emphasized how Ramp is developing a product to help businesses monitor AI token usage across different providers and create the necessary infrastructure for AI agents to handle payments for users. The press release also noted that some of its growth can be traced back to improvements in token spend management.

The focus on AI token usage and associated costs has become increasingly important as companies look for return on investment in AI and work to manage related expenses. Recently, Uber set an employee limit of $1,500 for AI tools after exhausting its entire AI budget for 2026 in merely four months.

Ramp is now concentrating on assisting companies in measuring and managing these costs as a potential new source of revenue.

Bloomberg reported that Glyman mentioned Ramp is contemplating a public offering eventually, though he did not provide a specific timeline.

So far, the company has raised a total of over $3 billion.

Ramp is competing with Brex, which was acquired by Capital One for $5.15 billion this year in a cash-and-stock deal, as well as Rippling, another well-regarded startup that merges spend management with HR, IT, and payroll solutions.