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, marking one of the largest step-ups by a private US fintech in the current cycle. Proceeds will be used to invest further in AI capabilities and to expand Ramp's corporate card and spend-management products into the United Kingdom and Europe. The valuation implies a substantial re-rating in barely more than six months.
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 and Insight Partners. Ramp said the round drew a broad institutional syndicate that combined growth-equity, sovereign-wealth and pension capital. The mix mirrors the profile of investors typically found in late-stage private companies preparing for public-markets scrutiny.
Existing shareholders participated in strength. Ramp listed continued backing from Founders Fund, Lightspeed, D1 Capital, T. Rowe Price, General Catalyst, Coatue, Thrive Capital and Khosla Ventures, among others. The re-up by early-stage investors alongside crossover public-markets managers reflects both continuity and the company's shift towards the profile of a late-stage private company. Follow-on participation from crossover investors is often read as a signal of confidence in the trajectory of the business.
AI AND INTERNATIONAL EXPANSION
The stated use of proceeds signals two priorities. On the product side, Ramp will invest further in AI advancements, deepening the automation of expense categorisation, receipt matching, bill approval and vendor risk analysis that has been at the core of the company's pitch to finance teams. Generative AI features have become an increasingly important differentiator among US spend-management platforms competing for enterprise finance departments.
On the geographic side, the company plans to bring its corporate card and spend-management platform to the United Kingdom and the wider European market. Both territories have well-established local competitors and require the build-out of licensing, card-issuing partnerships and localisation of workflows to meet local accounting and tax requirements. Post-Brexit divergence between the UK and EU regimes adds an additional layer of complexity for cross-border expansion plans.
Ramp did not disclose revenue or user figures alongside the financing announcement. The valuation places the company among the highest-valued private fintechs globally. The transaction was disclosed via press release on the company's investor communications channel and reported by Reuters and Bloomberg on the same day, with the funding round joining a cluster of high-value US fintech transactions announced in June. Corporate spend-management has emerged as one of the most competitive segments of the US business-to-business fintech landscape, and Ramp's ability to attract a syndicate combining sovereign wealth, pension capital and specialist growth equity underlines the continued appetite of institutional investors for late-stage exposure to the category. The company was founded in 2019 and has scaled its customer base among US small, mid-market and enterprise finance teams since launching its corporate card, with the spend-management platform expanding across bill pay, procurement and travel workflows.