Ramp Valuation Soars to $22.5B in Just 45 Days

Ramp Secures $500 Million in New Funding

Ramp, an expense management startup, has announced a new funding round of $500 million. This investment brings the company’s post-money valuation to $22.5 billion, as revealed by co-founder and CEO Eric Glyman on Wednesday.

Rapid Valuation Growth

The latest funding round was spearheaded by Iconiq Growth, with significant contributions from Founders Fund and D1 Capital Partners. Remarkably, this new capital infusion arrives only 45 days following Ramp’s previous funding event.

In June, Ramp successfully raised $200 million, achieving a valuation of $16 billion. This represented a substantial increase from the $13 billion valuation the company reported in March.

Vision for Autonomous Finance

Glyman detailed his forward-looking perspective on “autonomous finance” driven by AI agents in a recent blog post. He anticipates this approach will become standard practice by the year 2028.

To facilitate this vision, Ramp has recently introduced its inaugural AI agent, with further agent launches planned for the future.

Financial Performance and Customer Base

To date, Ramp has accumulated a total of $1.9 billion in funding. The company achieved cash-flow positivity earlier in the current year, as reported to TechCrunch.

In March, Glyman indicated that Ramp had reached an annualized revenue of $700 million. Currently, the company serves a customer base of 40,000 businesses.

Ramp’s trajectory demonstrates significant growth and a commitment to innovation within the financial technology sector.