Corporate expense management company Ramp announced on June 4, 2026 that it has raised $750 million in a new funding round at a valuation of $44 billion — nearly three times its valuation from a year prior.
The round was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, with new investors including Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. Several existing investors also participated, bringing Ramp’s total funding raised to more than $3 billion.
Ramp reported annualized revenue exceeding $1 billion, a milestone it says it crossed last September, with Bloomberg reporting its current run-rate revenue is above $1.5 billion. The company also said it has reached positive free cash flow and now counts more than 70,000 customers — up from 50,000 in November — including Visa, Uber, Shopify, Anduril, and Figma.
Originally focused on expense management for startups, Ramp has since expanded into payments, fraud detection, procurement, vendor management, and accounting. The company has also built AI capabilities into its products, offering AI agents across expense management, procurement, accounting, and budgeting tools. It has even launched a corporate credit card designed for use by AI agents.
A key part of Ramp’s growth pitch centers on AI token spend management — helping businesses track and control costs from AI tool usage across providers. The focus area comes as companies face mounting AI expenditures; Uber, a Ramp customer, reportedly spent its entire 2026 AI budget in four months before capping per-employee AI tool spending at $1,500.
CEO Eric Glyman indicated to Bloomberg that Ramp has plans to eventually go public, though no timeline was given. Ramp’s competitors include Brex, which was acquired by Capital One for $5.15 billion this year, and Rippling, which bundles spend management with HR, IT, and payroll tools.
Source: TechCrunch