Enterprise expense management platform Ramp announced Thursday that 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, with investments 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 previous investors also participated.
Ramp said its annual revenue is currently more than $1 billion, though it said it had surpassed that milestone last September (Bloomberg exhibitions Its run rate revenue is now more than $1.5 billion). The company said it has also reached positive free cash flow and has more than 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, recently, even accounting.
Ramp has also built an AI story around itself, offering AI agents in procurement, expense management, accounting, budgeting and other products. He also started one corporate credit card specifically for AI agents to use.
In a long blog post CEO Eric Glyman said Thursday how his company is building a product that helps businesses track AI token usage across providers and is setting up its infrastructure to allow AI agents to make payments on behalf of their users. The company also noted in it press release that part of its new development also covers the management of token costs.
The use and cost of the AI token has recently come into focus as companies look for ROI in AI and control spending from using AI. Uber recently set a cap of $1,500 per employee on the use of AI tools after the company spent its entire 2026 AI budget 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 reported that Glyman said Ramp wants to eventually go 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 high-value startup, though the latter combines expense management along with HR, IT and payroll tools.
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