Ramp reportedly in advanced talks to raise $750 million at $40 billion valuation
Sources say the deal would value the company at more than $40 billion pre-money, a significant step up from its November round. The transaction remains unconfirmed.
Corporate spend management startup Ramp is reportedly in advanced negotiations to secure an additional $750 million in funding. Sources indicate that if the deal proceeds as discussed, it would value the company at a pre-money valuation exceeding $40 billion. This potential transaction represents a substantial increase from the $32 billion post-money valuation achieved in a November funding round.
The reported terms are based on information from the Wall Street Journal, which cites sources familiar with the matter. It is important to note that the deal is not yet final, meaning the specific terms could change or the transaction could fall through before completion. No official confirmation has been issued by the company regarding the new round.
Ramp has experienced a period of rapid valuation growth throughout 2025, with multiple rounds leading to a significant step-up in worth. Earlier in the year, the company completed a $500 million Series E-2 at a $22.5 billion valuation, followed shortly by a $200 million Series E at a $16 billion valuation. The November round, which included an employee tender offer, was led by Lightspeed and valued the firm at $32 billion.
Beyond the financial metrics, CEO Eric Glyman has highlighted the company's achievement of $1 billion in revenue, marking a doubling of income in just one year. Glyman has also been promoting a strategic pivot toward embedding artificial intelligence agents within the company's products. These agents are designed to automatically block out-of-policy purchases, detect fraud, and move funds to interest-bearing investments.
This combination of revenue growth and AI integration is reportedly driving investor interest in the sector. While the specific valuation figure is described as more than $40 billion rather than a precise number, the momentum suggests a continued appetite for capital in the corporate spend management space. The timeline for closing the round has not been specified by the sources involved.
