Ramp in Talks to Hit $40B+ Valuation, 6 Months After Reaching $32B

Ramp, a corporate spend management startup, is on track to raise another $750 million in funding at a pre-money valuation of over $40 billion, sources close to the matter told The Wall Street Journal. The deal is not yet finalized, and terms could still change. The potential new valuation comes just six months after Ramp raised $300 million at a $32 billion post-money valuation, led by Lightspeed, which also included an employee tender offer.

This latest round of funding would mark another significant valuation jump for the company, which has been on a tear in 2025. In July, Ramp secured a $500 million Series E-2 at a $22.5 billion valuation, led by Iconiq, mere weeks after closing a $200 million Series E at a $16 billion valuation, led by Founders Fund. The company has raised capital multiple times in 2025, each time achieving a higher valuation.

Ramp's growth has been impressive, with founder and CEO Eric Glyman announcing in November that the company had reached $1 billion in revenue, doubling its income in just one year. Glyman has been a vocal proponent of integrating AI into Ramp's spend management products, envisioning agents that can automatically block out-of-policy purchases, detect fraud, and optimize funds by moving them to interest-bearing investments. The combination of Ramp's growth and AI ambitions appears to be a winning formula, as venture capitalists continue to clamor for a piece of the action.

With its latest fundraising push, Ramp is poised to cement its position as a leader in the corporate spend management space. The company's success has been fueled by its innovative approach to spend management, which leverages AI to help businesses streamline their expenses and improve financial efficiency. As Ramp continues to grow and expand its offerings, it's clear that investors are eager to support its vision.