Ramp, a Manhattan-based financial technology company, has raised $500m in its Series E-2 round at a valuation of $22.5bn for its financial operations platform.
This funding round was primarily led by ICONIQ, with previous investors such as Founders Fund, D1 Capital Partners, and GIC, among others, also participating. Additionally, new investors have joined this round, including Sutter Hill Ventures and Lightspeed Ventures.
The latest investment brings Ramp’s total equity financing to $1.9bn. The company reported it began generating cash flow earlier this year.
With over 40,000 companies claimed to be using its services, Ramp facilitates more than $80bn in annual purchase volume and has saved its clients over $10bn and 27.5 million hours to date.
Ramp’s offerings include corporate cards, expense management, bill payments, travel booking, procurement, and treasury services. A significant majority of its clientele are said to utilise multiple products across the platform.
In a move to enhance operational efficiency through technology, Ramp launched its first autonomous artificial intelligence (AI) agents in July. These agents aid in enforcing company expense policies automatically and are designed to detect policy violations more accurately than manual processes.
According to Ramp, these AI-powered tools work autonomously within workflows to prevent unauthorised spending and fraud.
This AI initiative is part of Ramp’s broader strategy to automate financial operations. It uses context-aware reasoning to independently manage workflows and enforce expenditure policies at scale.
The AI platform also helps streamline tasks such as expense reporting and contract review while maintaining auditable trails for each decision made.
In June 2025, prior to the latest funding round, Ramp completed its Series E financing at a $16bn valuation. This round raised $200m with major contributions from investors like Thrive Capital and General Catalyst.
