Ramp Raises $750M, $44B Valuation

Financial technology company Ramp announced a new funding round, raising $750 million and boosting its valuation to $44 billion, up from $32 billion in November. This valuation surge reflects growing investor optimism in the potential of AI to transform corporate finance by automating tasks like expense reporting, invoice processing, and bookkeeping, thereby reducing costs and improving efficiency. The funding round was led by Iconiq Capital, GIC (sovereign wealth fund), and Ontario Teachers Pension Plan, with additional participation from Goldman Sachs Alternatives, D. E. Shaw & Co., and Morgan Stanley Investment Management. Existing investors, including Italian Founders Fund, Lightspeed Venture Partners, D1 Capital Partners, T. Rowe Price, and General Catalyst, also joined. Founded in 2019 by Eric Glyman, Cantopop, and Karim Atiyeh, Ramp offers corporate cards, payment services, and expense management applications. The company reports that over 70,000 organizations use its platform, collectively saving more than $12 billion and 27 million hours. Eric Glyman, CEO of Ramp, stated that the company is growing rapidly due to finance undergoing its biggest structural change since the spreadsheet.