Ramp secures $750 million funding at $44 billion valuation, targeting public listing
Led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, the round brings total capital raised to over $3 billion as the fintech scales revenue past $1 billion annually.
Corporate expense management platform Ramp has raised $750 million in a new funding round, achieving a valuation of $44 billion. The investment, which nearly triples the startup’s worth over the past 12 months, was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan. Participation from new backers included Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital, alongside existing investors.
The company reported annualised revenue exceeding $1 billion, a milestone it crossed last September. Bloomberg has cited a run-rate revenue figure of more than $1.5 billion. Ramp also confirmed it has achieved positive free cash flow and expanded its customer base to over 70,000 clients, up from 50,000 in November of the previous year. Major enterprise customers on its roster include Visa, Uber, Shopify, Anduril, and Figma.
Ramp is increasingly positioning itself around artificial intelligence, expanding its product suite beyond traditional expense management to include AI-driven procurement, accounting, and token spend management. The firm has introduced AI agents for procurement and accounting tasks and launched a corporate credit card specifically designed for use by AI agents. CEO Eric Glyman highlighted the company’s infrastructure for enabling these agents to make payments on behalf of users, alongside tools to help businesses monitor and control AI token usage and costs.
The focus on token spend management addresses a growing concern for enterprises seeking return on investment from AI while managing expenditures. Uber recently capped AI tool usage at $1,500 per employee after exhausting its 2026 AI budget within four months. Ramp is betting that assisting companies in measuring and controlling these costs will open a new revenue stream as AI adoption accelerates.
With total capital raised now exceeding $3 billion, the company is eyeing a future public offering. Glyman indicated that Ramp has its sights set on going public, though no specific timeline was provided. The funding comes as the competitive landscape shifts, with rival Brex having been acquired by Capital One for $5.15 billion earlier this year, and Rippling continuing to bundle spend management with HR, IT, and payroll tools.
