Ramp Secures $500M Funding at $22.5B Valuation to Revolutionize Finance with AI

Funding Round: Ramp, a financial operations platform, announced a $500 million Series E-2 funding round at a $22.5 billion valuation. The round was led by ICONIQ, with participation from existing investors like Founders Fund, D1 Capital Partners, and new investors including GV (Google Ventures) and Lightspeed Ventures.

AI-Driven Finance: The funding will accelerate Ramp's AI initiatives, including autonomous AI agents that streamline expense management, procurement, and treasury operations. These agents have already helped customers catch 15x more policy violations with near-perfect accuracy.

Customer Impact: Ramp serves over 40,000 companies, including CBRE, Shopify, and Notion, saving them $10 billion and 27.5 million hours. Its platform powers $80 billion in annual purchase volume and recently exceeded $1 billion in assets under management for Ramp Treasury.

Future Vision: CEO Eric Glyman outlined a roadmap for AI in finance:

• By 2026: AI agents will handle 85% of manual reviews, reducing overhead for routine tasks like expense approvals.
• By 2027: Finance workflows will run in parallel, with AI agents pre-negotiating contracts and reconciling payments autonomously.
• By 2028: Autonomous finance will become mainstream, with AI optimizing cash flow and real-time forecasting.

Product Suite: Ramp offers corporate cards, expense management, bill payments, procurement, travel booking, and treasury services. Most customers use multiple products.

Quote: "We're focused on ensuring our only constraint is the scale of our ambition," said Will Petrie, CFO at Ramp. "AI is reshaping finance, and we're playing to win."

Learn More: Ramp's AI Agents | CEO's Letter