Expense management startup Ramp has raised $500 million in a new financing round. The investment, led by Iconiq Growth with participation from Founders Fund and D1 Capital Partners, boosts the company’s post-money valuation to $22.5 billion. This latest Ramp funding round demonstrates significant capital infusion for the fintech firm.
This development comes just 45 days after a previous round in June, where the company raised $200 million at a $16 billion valuation. Furthermore, that was a substantial increase from its $13 billion valuation in March.
AI-Driven Autonomous Finance
The company is directing its strategy toward developing AI-led autonomous finance solutions. Consequently, Ramp recently launched its first AI agent with plans to release more. This positions the company to compete in the evolving AI in finance landscape.
With the new capital, Ramp’s total funds raised now stand at $1.9 billion. The company achieved cash-flow positive status earlier this year and reported an annualized revenue of $700 million in March. Its platform currently serves 40,000 customers, challenging competitors like Brex and Navan in the corporate spend management sector, while also taking on legacy providers such as American Express. The capital from this Ramp funding round will support its continued expansion.
