Corporate spend management platform Ramp said Thursday it has raised $750 million at a $44 billion valuation, nearly tripling its valuation in just over a year as investors scramble to secure a share of the fast-growing startup.
The funding round was led by ICONIQ, GIC and the Ontario Teachers’ Pension Plan, and saw investment from new backers such as Goldman Sachs Alternatives, DE Shaw & Company, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners and Broadlight Capital. Many former investors of the company also participated.
Ramp said its annual revenue currently exceeds $1 billion, although it said it had passed that milestone last September (Bloomberg reports that 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), including Visa, Uber, Shopify, Anduril, and Figma.
The company, which initially targeted startups with its expense management products, has now expanded its scope to include payments, fraud detection, procurement, vendor management and, most recently, even accounting.
Ramp has also built an AI story around itself, offering AI agents within its purchasing, expense management, accounting, budgeting, and other products. It also launched a corporate credit card specifically for use by AI agents.
In a lengthy blog post that seems largely AI-generated, CEO Eric Glyman on Thursday explained how his company is building a product that helps businesses monitor their AI token usage across providers, and is setting up its own 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 new enhancements also extend to token spend management.
The use and cost of AI tokens have recently come into focus as companies seek ROI in AI and control expenditures from AI use. Uber recently set a $1,500 per employee limit on 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 source of revenue.
Bloomberg cited Glyman as saying that Ramp is considering eventually going public, though he did not say when.
The company said it has raised more than $3 billion in total so far.
Competitors to Ramp include Brex, which Capital One acquired this year for $5.15 billion in a cash-and-stock deal, and Ripple, another highly valued startup, though the latter bundles spend management with HR, IT, and payroll tools.
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