Enterprise expense management platform Ramp said Thursday it has raised $750 million at a $44 billion valuation, nearly tripling its valuation in just a year, as investors scramble to get a piece of the fast-growing startup.
The funding round was led by ICONIQ, GIC and the Ontario Teachers’ Pension Plan and saw investment from a number of new backers including Goldman Sachs Alternatives, DE Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners and BroadLight Capital. Several of the company’s former investors also participated.
Ramp said its annual revenue is currently more than $1 billion, although it said it had crossed that milestone last September (Bloomberg reports that its ongoing revenue is now more than $1.5 billion). The company said it has also reached positive free cash flow and 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 mandate to include payments, fraud detection, procurement, supplier management and, more recently, even accounting.
Ramp has also built an AI story around itself, offering AI agents in procurement, cost management, accounting, budgeting and other products. It also launched a business credit card specifically for use by AI agents.
In a lengthy blog post that feels somewhat AI-generated, CEO Eric Glyman on Thursday touted how his company is building a product to help companies monitor their AI token usage across providers and set up its infrastructure to enable AI agents to make payments on behalf of their users. The company also noted in its press release that some of its newfound growth also spans token spend management.
AI token usage and costs have recently come into focus as companies look for ROI in AI and control expenses from AI usage. Uber recently set a cap of $1,500 per ride. employee to use AI tools after the company used its entire 2026 AI budget in just four months.
And Ramp is now betting that helping companies measure and control these costs will open up a new revenue stream.
Bloomberg quoted Glyman as saying that Ramp has his sights set on eventually going public, though he did not 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 with HR, IT and payroll tools.
When you buy through links in our articles, we may earn a small commission. This does not affect our editorial independence.