Ramp has closed a $750 million Series F funding round, pushing its valuation to $44 billion. The round was led by ICONIQ, GIC, and the Ontario Teachers' Pension Plan, with participation from Goldman Sachs Alternatives, D.E. Shaw & Co., and Morgan Stanley Investment Management. Total equity raised now exceeds $3 billion.
Six months ago, Ramp was valued at $32 billion. In early 2025, it was between $13 billion and $16 billion. CEO Eric Glyman describes the company's evolution from a corporate card provider to a comprehensive financial operations platform. It now generates over $1 billion in annualized revenue, supporting more than 50,000 teams with services including corporate cards, expense management, procurement, accounting tools, and AI-native features.
Ramp is also developing AI agents to handle procurement and accounting workflows, including approvals, anomaly detection, and auto-negotiation of vendor terms. It's building tools to help companies monitor AI token expenditures.
For competitors like Brex, Divvy, and legacy players like SAP Concur, Ramp's fundraise raises the stakes considerably. A $44 billion competitor with deep pockets can invest aggressively in product development, sales, and geographic expansion.