Ramp raises $750M at $44B valuation as fintech bets big on AI token spend management

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

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.

Ramp raises $750M Series F at $44 billion valuation

Ramp raised $750 million in a Series F led by ICONIQ, GIC, and Ontario Teachers' at a $44 billion valuation. The spend management platform is expanding into AI token cost management and accounting, with revenue past $1 billion and 170% TPV growth. Two years ago, Ramp was a $7.65 billion corporate card company. On Wednesday, it announced a $750 million Series F that values it at $44 billion, a nearly six-fold increase that makes it one of the most valuable private fintech companies in the world. The round was led by ICONIQ, GIC, and Ontario Teachers' Pension Plan, with new investors including Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. It brings Ramp's total equity financing to more than $3 billion. The growth numbers The valuation rests on a business that has moved well past its startup phase. Ramp says it has surpassed $1 billion in annualised revenue and is generating positive free cash flow. Total payment volume grew approximately 170% year on year in March 2026, which the company says is its highest growth rate in three years despite the business being roughly 20 times larger than when it last hit that pace. The platform now processes more than $100 billion in purchases annually and serves more than 50,000 customers, according to TNW's earlier reporting. It has also expanded internationally, acquiring Stockholm-based Billhop to launch corporate cards and finance tools in the UK and EU. Token spend as the third pillar What distinguishes this round from a straightforward growth story is Ramp's thesis about a new category of corporate spending. The company argues that AI token consumption is becoming the third major cost centre for businesses, after people and software, and that existing finance tools are blind to it. The timing is hard to argue with. Uber burned through its entire 2026 AI coding budget in four months. Walmart capped its internal AI assistant. Companies across the industry are discovering that AI usage, priced per token and often invisible to procurement teams, can spiral without anyone noticing until the invoice arrives. Ramp is positioning its platform to bring the same visibility and control to token spending that it already provides for corporate cards, travel, and vendor payments. Whether this category becomes as large as traditional spend management remains to be seen, but the pain point is real and the competition is thin. Stack and the accounting play The round also funds Ramp's expansion into accounting through Stack, a product that targets accounting firms directly. It is the first time Ramp has sold into this market, and it represents a shift from serving finance teams inside companies to serving the firms that advise them. The move makes strategic sense. Accounting firms influence purchasing decisions across thousands of clients, making them a distribution channel as much as a customer segment. If Ramp can embed itself in the workflow of a mid-market accounting practice, it gains access to that practice's entire client base. The valuation ladder Ramp's ascent has been unusually rapid even by fintech standards. It was valued at $7.65 billion in April 2024, $13 billion in March 2025, $22.5 billion in August and $32 billion in November of the same year. The $44 billion figure represents a 38% increase in roughly six months. The trajectory invites the obvious question: is this a business growing into its valuation, or a valuation growing ahead of the business? At $1 billion in revenue, Ramp trades at a 44x revenue multiple, rich by any measure, though not unusual for a market in which AI-adjacent companies command premium multiples. Ramp's competitive position has strengthened considerably. In a fintech market where former rival Brex agreed to sell to Capital One for $5.15 billion, less than half its peak valuation, Ramp is effectively the dominant independent spend management platform in the US. The question is no longer whether the company can grow. It is whether the market it is building, one that treats AI tokens as seriously as travel expenses, will be as large as the valuation implies.

Fintech firm Ramp's valuation surges to $44 billion on AI-driven growth

Fintech firm Ramp secured $750 million in funding, valuing the company at $44 billion. This significant jump highlights investor confidence in AI's potential to transform corporate finance through automation. The deal signals a strong resurgence in the fintech sector. Ramp's platform helps over 70,000 organizations manage expenses and payments efficiently. Financial technology company Ramp said on Thursday it had raised $750 million in a new funding round at a $44 billion valuation, up from $32 billion in November. The valuation jump reflects mounting optimism that AI can reshape corporate finance by automating tasks such as expense reporting, invoice ⁠processing and ⁠book-keeping, potentially reducing costs and improving efficiency. The deal also highlights a broader rebound in fintech, with investors once again backing fast-growing startups that they bet can challenge legacy businesses. Ramp's latest funding round was led by ICONIQ, GIC, and Ontario Teachers' Pension Plan, with backing from Goldman Sachs Alternatives, ⁠D.E. Shaw and Morgan Stanley Investment Management. Existing backers Founders Fund, Lightspeed Venture Partners, D1 Capital Partners, T. Rowe Price ⁠and General Catalyst also joined the round. Founded in 2019, the company offers corporate cards, payment services and expense management applications. Ramp said more than 70,000 organizations, from family farms and space startups to Fortune 100 companies, use its platform and have saved more than $12 billion and 27 million hours. Customer benefits are growing, with data showing the median customer saved 50% more money and 32% more time annually in May 2026 than a year earlier, ⁠Ramp said. Customers using its full suite of products more than doubled those gains, it added. "We're growing as fast as we were three years ago, at roughly twenty times the size, and that's because finance is going through the biggest structural change since the spreadsheet," said Eric Glyman, co-founder and CEO of Ramp, in a statement.

Ramp Reaches $44 Billion Valuation, Expands Push Into AI-Powered Finance

New York-based fintech startup Ramp has closed its $750 million Series F funding round, putting the company's valuation at $44 billion. The new capital will be used to further expand its AI-focused product development for customers. Existing investors that also participated included Founders Fund, Lightspeed Venture Partners, D1 Capital Partners, T. Rowe Price, General Catalyst, Alpha Wave Global, 137 Ventures, Thrive Capital, Coatue, Sands Capital, Khosla Ventures, 1789 Capital, Avenir Growth, BoxGroup, 8VC, Pinegrove Venture Partners, Definition Capital and Stripes. Ramp tied the financing to what it describes as a new category of corporate expense: AI usage billed per token. "For 500 years, business ran on two pillars of spend: people and vendors. In the last 24 months, a third arrived -- intelligence, paid by the token and invisible to every system we've built to manage cost. Ramp is the infrastructure for the third pillar," CEO Eric Glyman said. The company said its total payment volume rose about 170% year over year in March 2026, calling it the fastest pace in three years, even as the business has grown to about 20 times its earlier size. Ramp attributed part of that growth to new AI-related areas, such as token spend controls, and to Ramp Stack, which is helping the company move into serving accounting firms for the first time. Ramp noted that its customers have been seeing larger savings, pointing to May 2026 results, which said the median customer saved 50% more dollars and 32% more hours per year than the prior year. The company said customers using its full suite posted more than double those gains. AI Spending The Future Of Business In the last few months, Ramp completed two acquisitions: Billhop for U.K. and EU payments and Juno for guest travel. The company plans to begin serving companies headquartered in the U.K. and Europe this summer. Ramp also expanded a multi-year partnership with Visa aimed at letting AI agents initiate corporate payments while applying real-time controls. The company highlighted newer offerings, including token spend management, real-time budgeting tools, procurement automation, accounting workflow automation and a spend platform for startups. As of June 1, Ramp reported more than $1 billion in annualized revenue with positive free cash flow, more than 70,000 customers, and $200 billion in annualized purchase volume. Ramp also said it has raised more than $3 billion in total equity financing following this round. Last month, Glyman said on CNBC's "Squawk on the Street" that for a long time, the fastest-growing companies were in the private markets. But now, with the upcoming IPOs from SpaceX, Anthropic and OpenAI, it's reshaping how investors are thinking about public markets and corporate growth. The CEO said he is closely watching the IPO pipeline, noting that companies posting extreme growth rates while also generating cash represent an unusual and highly compelling profile for public investors. Ramp was founded in 2019 by Glyman, Karim Atiyeh and Gene Lee. The company provides an all-in-one spend management and corporate card platform. By leveraging AI and automation, Ramp's software is designed to help businesses handle corporate credit cards, control expenses and accounting. This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.