Ramp Valuation Soars to $32B in Just 3 Months

Ramp's Rapid Funding Growth in Expense Management

Investor interest remains strong in expense management fintech, as demonstrated by Ramp’s recent funding trajectory. The company has consistently secured substantial investments, accompanied by escalating valuations.

Recent Funding Rounds

On Monday, Ramp announced a $300 million funding round led by Lightspeed, incorporating an employee tender offer. This latest injection of capital follows a series of significant raises within a short timeframe.

Just months prior, in July, Ramp completed a $500 million Series E-2 round at a $22.5 billion valuation, spearheaded by Iconiq. This occurred only weeks after securing $200 million in a Series E round at a $16 billion valuation, led by Founders Fund in mid-June.

Furthermore, a $150 million secondary share sale at a $13 billion valuation was finalized in March, preceding the Series E funding.

Earlier Investments and Current Valuation

In April 2024, Ramp secured $150 million in Series D funding, co-led by Khosla and Founders Fund, resulting in a $7.65 billion valuation.

To date, Ramp has amassed a total of $2.3 billion in equity financing. Notably, the company’s valuation has experienced a dramatic increase in 2025 alone, surging from $13 billion to $32 billion.

Revenue and Services

Ramp reported exceeding $1 billion in annualized revenue in October, indicating a strong growth trajectory.

The company specializes in corporate expense management solutions. While incorporating AI for automating approvals and streamlining processes, Ramp’s core focus isn’t solely on artificial intelligence.

Ramp’s offerings encompass corporate credit cards, expense management and purchase order software, and solutions for corporate travel. The company currently serves over 50,000 customers.