Ramp Secures $750M, Valued at $44B: A New Era for Business Spend

Ramp Inc. has closed a $750 million Series F round, pushing its valuation from $32B to $44B in just seven months. The deal was led by ICONIQ, GIC and the Ontario Teachers’ Pension Plan, with participation from about twenty other investors, including Lightspeed, a previous major backer. The company’s core offering remains its corporate card platform, which lets businesses issue smart credit cards to staff. These cards deliver cashback and discounts on software while accounting teams can set limits to curb wasteful spending. Beyond cards, Ramp supplies tools for cash deposits, budget tracking, supplier payments and travel booking, constantly adding new features to fuel growth. Recently, Ramp unveiled Ramp Stack, an AI assistant that speeds up financial statement preparation for accounting firms. It streamlines account reconciliation and can be tailored with custom checklists.A few weeks earlier, Ramp launched an AI procurement agent that lets users describe purchases in plain language and then automatically handles supplier onboarding, including contract reviews. The firm also offers a spend‑monitoring tool for large language models, tracking token usage across platforms like Claude and ChatGPT. Co‑founder Eric Glyman said the company now supports a third pillar of business spend: intelligence. “For 500 years, spending was about people and vendors; today it’s also about data and AI. ” Ramp reports over 70, 000 customers worldwide. Those spending more than $100, 000 annually on the platform have doubled in the last year, and annual revenue has surpassed $1 billion.