Corporate expense management platform Ramp on Thursday said it has raised $750 million at a valuation of $44 billion, nearly tripling its valuation within just a year as investors scramble to grab a part of the fast-growing startup.
The funding round was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, and saw investments from a slate of new backers such as 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.
Ramp said its annualized revenue is currently more than $1 billion, though it said it had crossed that milestone last September (Bloomberg reports its run-rate revenue is now more than $1.5 billion). The company said it has also reached positive free cash flow, and that it has over 70,000 customers (up from 50,000 last November), which include Visa, Uber, Shopify, Anduril, and Figma.
The company, which initially targeted startups with its expense management products, has now expanded its remit to include payments, fraud detection, procurement, vendor management, and, of late, even accounting.
Ramp has also built an AI story around itself, offering AI agents within its procurement, expense management, accounting, budgeting, and other products. It also launched a corporate credit card specifically for AI agents to use.
In a long blog post that feels a fair bit AI-generated, CEO Eric Glyman on Thursday touted how his company is building a product that helps businesses monitor their AI token usage across providers, and setting up its infrastructure to enable AI agents to make payments on their users’ behalf. The company also noted in its press release that some of its newfound growth spans token spend management, too.
AI token usage and costs have lately come into focus as companies look for ROI in AI and control expenditures from AI usage. 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.
And Ramp is now betting that helping companies measure and control those costs will open up a new revenue stream.
Bloomberg cited Glyman as saying Ramp has its sights on eventually going public, though he didn’t say when.
The company said it has now raised more than $3 billion in total.
Ramp’s competitors include Brex, which was acquired by Capital One for $5.15 billion this year in a cash-and-stock deal, and Rippling, another highly valued startup, though the latter bundles spend management alongside HR, IT, and payroll tools.
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