Ramp, a leading financial operations platform that helps businesses save time and money, has successfully completed a $500 million Series E-2 funding round led by ICONIQ Capital. This latest funding raises the company’s valuation from $16 billion to $22.5 billion in just 45 days.
The round attracted a mix of new and existing investors, including Founders Fund, D1 Capital Partners, and T. Rowe Price Associates, among others. Ramp’s focus on AI-powered automation has distinguished it within the competitive fintech landscape.
The platform integrates corporate cards, expense management, bill payments, procurement, and travel booking, serving over 40,000 businesses, including Shopify and Notion. Ramp claims it has saved customers more than $10 billion and recovered over 27.5 million hours of manual work.
Notably, Ramp became cash-flow positive earlier this year, a rare feat for a high-growth tech company. With total equity funding reaching $1.9 billion, Ramp is well-positioned for potential international expansion and strategic acquisitions as it works to establish itself as a dominant force in the finance sector.
KEY QUOTES:
“We’re focused on ensuring our only constraint is the scale of our ambition. We have a fortress balance sheet and an accelerating core business. Both will allow us to play to win as AI reshapes the future of finance.”
Will Petrie, Chief Financial Officer at Ramp
Three weeks ago we launched our first AI agents. Finance teams at Notion, Webflow, and Quora have them working round the clock: reviewing, approving, and coding transactions, flagging fraud, and updating policies.
We used to train people to think like software. Now it’s time for software to think like people: your sharpest controllers, procurement leaders, treasury experts.
So, why are we raising another $500 million? (just 45 days after our last round) Because we’re at a unique moment in finance. A new beginning. Fortunately, over the last six years we’ve assembled (what I think) are the best engineering and design teams in our industry.
Right now, Ramp users are getting 3x more done per minute compared to two years ago. By 2027 – as our agents start working in parallel – we’re aiming for 30x.
Eric Glyman, co-founder and CEO of Ramp
