Ramp, the US-based corporate card and spend-management platform, has raised USD 750 million in a primary Series F financing round at a USD 44 billion valuation, the company said on Thursday. The round was led by ICONIQ, GIC and the Ontario Teachers' Pension Plan.
The new valuation is up from USD 32 billion set in November 2025. Ramp said the round would be used to invest further in AI advancements for customers.
SYNDICATE OF NEW AND EXISTING BACKERS
Alongside the lead trio, new investors include Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners and BroadLight Capital.
Previous investors also participated. Ramp listed continued backing from Founders Fund, Lightspeed, D1 Capital, T. Rowe Price, General Catalyst, Coatue, Thrive Capital and Khosla Ventures, among others.
AI AND INTERNATIONAL EXPANSION
On the product side, Ramp said it is extending its capabilities into managing AI token spend and has launched Ramp Stack, an AI operating system for accounting firms, a market it is entering for the first time.
On the geographic side, Ramp said it would start serving companies headquartered in the UK and Europe this summer, having acquired UK/EU payments company Billhop.
Ramp said it had surpassed USD 1 billion in annualised revenue with positive free cash flow, serves more than 70,000 customers and processes USD 200 billion in annualised purchase volume. The transaction was announced in a press release on PR Newswire and reported by Reuters and Bloomberg on the same day. The company was founded in 2019 and has expanded from expense management into payments, procurement, vendor management and, more recently, accounting.
Bank news that matters, every weekday.
Follow The Global Banker on LinkedIn