Ramp raises $750M at $44B valuation as investors hunger for fintechs with an AI story

Ramp, a corporate expense management platform, on Thursday announced that it has raised $750 million at a valuation of $44 billion. This significant funding round comes just a year after the company's valuation was nearly tripled, as investors scramble to get a piece of the fast-growing startup. The funding round was led by prominent investors ICONIQ, GIC, and Ontario Teachers' Pension Plan, with new backers including Goldman Sachs Alternatives, D.E.

Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. Several of the company's previous investors also participated in the round. Ramp's growth has been impressive, with annualized revenue exceeding $1 billion, and a run-rate revenue of over $1.5 billion, according to Bloomberg.

The company has also achieved positive free cash flow and boasts over 70,000 customers, including major brands like Visa, Uber, Shopify, Anduril, and Figma. Initially focused on providing expense management products to startups, Ramp has expanded its offerings to include payments, fraud detection, procurement, vendor management, and accounting. Ramp has also built a strong AI story around itself, offering AI agents within its procurement, expense management, accounting, budgeting, and other products.

The company has even launched a corporate credit card specifically designed for AI agents to use. CEO Eric Glyman highlighted the company's efforts to build a product that helps businesses monitor their AI token usage across providers and set up infrastructure to enable AI agents to make payments on their users' behalf. As companies look for ROI in AI and control expenditures from AI usage, AI token usage and costs have come into focus.

Uber recently set a cap of $1,500 per employee for using AI tools after the company spent its entire AI budget for 2026 in just four months. Ramp is betting that helping companies measure and control those costs will open up a new revenue stream. Glyman has expressed ambitions for the company to eventually go public, although a timeline was not specified.

The company has now raised over $3 billion in total, with competitors including Brex, which was acquired by Capital One for $5.15 billion this year, and Rippling, another highly valued startup that bundles spend management with HR, IT, and payroll tools.