Ramp raises 44B valuation as investors hunger for fintechs with an AI story
8:08 AM PDT · June 4, 2026
Corporate expense management platform Ramp on Thursday said it has raised 44 billion, nearly tripling its valuation within just a year as investors scramble to grab a part of the fast-growing startup.
Funding round
- Round: Series F, $750 million
- Valuation: 16 billion in June 2025 Series E)
- Leads: ICONIQ, GIC, Ontario Teachers’ Pension Plan
- New investors: Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, BroadLight Capital
- Total raised: More than $3 billion
Business metrics
- Annualized revenue: more than 1.5 billion)
- Positive free cash flow
- 70,000+ customers (up from 50,000 November 2025), including Visa, Uber, Shopify, Anduril, Figma
- 170% YoY growth in total payment volume as of March 2026 — highest growth rate in 3 years
- $200 billion+ annualized purchase volume
AI strategy
Ramp has expanded beyond startup expense management into payments, fraud detection, procurement, vendor management, and accounting. AI agents are embedded across procurement, expense management, accounting, and budgeting products. Ramp launched a corporate credit card specifically for AI agents.
CEO Eric Glyman touted products helping businesses monitor AI token usage across providers and infrastructure enabling AI agents to make payments on users’ behalf. New growth spans token spend management as companies seek ROI and cost control on AI usage (Uber capped employee AI tool spend at $1,500 after burning its 2026 AI budget in four months).
International expansion
Funding supports international growth following acquisitions of UK/EU payment provider Billhop and guest travel platform Juno. Deepened multi-year Visa partnership enables autonomous AI agents to execute corporate payments within real-time risk parameters.
Bloomberg cited Glyman saying Ramp has sights on eventually going public, without a specific timeline.
Competition
Competitors include Brex (acquired by Capital One for $5.15 billion in 2026) and Rippling (bundles spend management with HR, IT, payroll).