Ramp raises $750M at $44B valuation as investors hunger for fintech with AI story

Corporate expense management platform Ramp said Thursday it has raised $750 million at a valuation of $44 billion, nearly tripling its value in just one year as investors scramble to grab a piece of the fast-growing startup.

The funding round was led by ICONIQ, GIC, and the Ontario Teachers’ Pension Plan, and saw investments from a list of new backers such as Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. Several previous investors in the company also participated.

Ramp said its annual revenue is currently more than $1 billion, though it said it 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 remit to include payments, fraud detection, procurement, vendor management, and more recently, even accounting.

Ramp has also built an AI story around itself, offering AI agents within purchasing, expense management, accounting, budgeting and other products. It also launched a corporate credit card specifically for use by AI agents.

In a long blog post that appears to be more or less AI-generated, CEO Eric Jaliman on Thursday described how his company is building a product that helps companies monitor the use of their AI tokens across service providers, and set up their infrastructure to enable AI agents to make payments on behalf of their users. The company also noted in its press release that some of the newfound growth extends to token spending management as well.

The use and costs of AI tokens have come into focus recently as companies look for ROI in AI and control expenses from using AI. Uber recently set a cap of $1,500 per employee for the use of AI tools after the company spent its entire 2026 AI budget in just four months.

Ramp is now betting that helping companies measure and control those costs will open up a new source of revenue.

Bloomberg quoted Jaliman as saying that Ramp aims 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 Capital One acquired for $5.15 billion this year in a cash-and-stock deal, and Rippling, another highly valued startup, though recent packages spend management along with HR, IT and payroll tools.