Ramp raised $750 million at a $44 billion valuation on Thursday—nearly tripling its worth in just one year. The corporate expense management platform's 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, and Generation Investment Management.
Ramp's appeal rests on its AI capabilities. The company offers AI agents for procurement, expense management, accounting, and budgeting, and has launched a corporate credit card designed for AI agents to use. CEO Eric Glyman is positioning the company around an urgent problem: controlling AI token costs. Uber spent its entire 2026 AI budget in four months before capping employee AI tool usage at $1,500 per head, illustrating the scale of the challenge.
The company's growth metrics are substantial. Ramp has over 70,000 customers, up from 50,000 seven months ago. Annualized revenue has crossed $1 billion, with run-rate revenue at $1.5 billion. The company has reached positive free cash flow, uncommon for high-growth startups.
Ramp counts Visa, Uber, Shopify, Anduril, and Figma as customers. The company began by targeting startups but has expanded into payments, fraud detection, procurement, vendor management, and accounting.
Glyman told Bloomberg he is considering a future IPO but declined to specify a timeline. Ramp has raised $3 billion total across all funding rounds.
