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

Ramp Raises $750M in Series F Funding at Record Valuation

Corporate expense management platform Ramp has secured $750 million in Series F funding at a $44 billion valuation, marking a dramatic ascent for the fintech startup that was valued at just $7.65 billion two years ago 2

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. The funding round was led by 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 1

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. Existing investors such as Founders Fund, Lightspeed Venture Partners, D1 Capital Partners, T. Rowe Price, and General Catalyst also participated, bringing Ramp's total equity financing to more than $3 billion 3

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AI Token Usage Emerges as New Corporate Cost Center

What sets this funding round apart is Ramp's strategic pivot toward managing AI token usage, which CEO Eric Glyman describes as "the third pillar" of corporate spending after people and vendors 4

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. The timing reflects a genuine pain point across industries: Uber recently burned through its entire 2026 AI coding budget in just four months, forcing the company to set a $1,500 per employee cap on AI tool usage . Ramp is betting that AI-powered finance solutions for tracking and controlling token costs will open a significant new revenue stream as companies seek ROI from AI investments while managing spiraling expenditures that often remain invisible to procurement teams until invoices arrive 2

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Explosive Growth Metrics Signal Market Dominance

The spend management platform now reports annualized revenue exceeding $1 billion with positive free cash flow, serving more than 70,000 customers including Visa, Uber, Shopify, Anduril, and Figma 1

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. Total payment volume grew approximately 170% year over year in March 2026, which Ramp calls its highest growth rate in three years despite the business being roughly 20 times larger than when it last achieved that pace 2

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. The platform now processes more than $100 billion in purchases annually, with data showing the median customer saved 50% more money and 32% more time annually in May 2026 compared to the previous year 3

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. Customers using Ramp's full suite of products more than doubled those gains 4

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Investor Confidence Reflects Fintech Sector Rebound

The $44 billion valuation represents a 38% increase from Ramp's $32 billion valuation in November 2025, continuing a trajectory that saw the company valued at $13 billion in March 2025 and $22.5 billion in August of the same year 2

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. This investor confidence reflects mounting optimism that AI can reshape corporate finance by automating tasks such as expense reporting, invoice processing, and bookkeeping, potentially reducing costs and improving efficiency 3

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. The deal also highlights a broader rebound in the fintech sector, with investors backing fast-growing startups positioned to challenge legacy businesses 3

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Expansion into Accounting and AI Agents

Ramp has expanded well beyond its initial focus on corporate cards for startups, now offering procurement, vendor management, fraud detection, payments, and accounting services 1

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. The company recently launched Ramp Stack, targeting accounting firms directly for the first time—a strategic move that positions these firms as both customers and distribution channels to thousands of their clients 2

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. Ramp has also built AI agents into its procurement, expense management, accounting, and budgeting products, and even launched corporate cards specifically designed for AI agents to use 1

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. The company expanded a multi-year partnership with Visa to enable AI agents to initiate corporate payments while applying real-time controls 4

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. Recent acquisitions include Stockholm-based Billhop for UK and EU expansion and Juno for guest travel, with plans to serve companies headquartered in the UK and Europe this summer 4

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