Ramp, the New York-based expense management startup, has raised $500 million in a new round that values the company at $22.5 billion, up from $16 billion just 45 days earlier.
The round was led by Iconiq Growth, with participation from Founders Fund and D1 Capital Partners.
From $13B to $22.5B in under 5 months
Ramp’s valuation has jumped nearly 75% since March, when it raised capital at $13 billion. The company followed up with a $200M round in June, and now this latest $500M push signals growing investor confidence in its AI-first product roadmap and rapidly expanding customer base.
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Autonomous finance is the endgame
CEO Eric Glyman revealed the new round in a blog post outlining Ramp’s long-term vision: AI agent-led “autonomous finance” by 2028. Ramp launched its first AI agent in July and plans to roll out more to automate workflows in expense management, procurement, and corporate finance.
40,000 customers and $700M ARR
The company now serves over 40,000 businesses, and reported $700 million in annualized revenue as of March. The company became cash-flow positive earlier in 2025, and has now raised a total of $1.9 billion in equity funding.
Fintech momentum defies downmarket signals
The speed and scale of Ramp’s recent valuation jumps buck broader fintech fundraising trends. With a balance sheet fueled by back-to-back mega rounds, Ramp is well positioned to double down on AI development, international expansion, and potential M&A opportunities.
