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 slice of the fast-growing startup.
The funding round was led by ICONIQ, GIC and the Ontario Teachers’ Pension Plan, with investments from new backers including Goldman Sachs Alternatives, D.E. 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 now more than $1 billion, but it said it passed that milestone last September (Bloomberg reports that its current running revenue is now more than $1.5 billion). The company also said it has 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.
Initially targeting startups with its expense management products, the company has now expanded its scope to include payments, fraud detection, procurement, supplier management, and, most recently, accounting.
Ramp has also built its own AI story by offering AI agents within procurement, cost management, accounting, budgeting, and other products. It has also launched a corporate credit card specifically for use by AI agents.
In a lengthy blog post that felt AI-generated, CEO Eric Glyman on Thursday outlined how his company is building a product to help businesses monitor AI token usage across providers and setting up the infrastructure to allow AI agents to make payments on behalf of users. The company also noted in the press release that some of the new-found growth also spans token spend management.
AI token usage and costs have recently been in the spotlight as companies seek ROI from AI and control spending from AI usage. Uber recently set a cap of $1,500 per employee on the use of AI tools, after spending its entire 2026 AI budget in just four months.
And Ramp is now confident that helping companies measure and control these costs will open up new revenue streams.
Bloomberg quoted Glyman as saying that Ramp is aiming to go public eventually, but did not say when.
The company said it has now raised a total of more than $3 billion.
Ramp’s competitors include Brex, which Capital One acquired this year for $5.15 billion in a cash-and-stock deal, and Rippling, another highly valued startup. Rippling spends administrative costs along with HR, IT and payroll tools.
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