Ramp Raises $750M at $44B Valuation, Now Exceeds $1B Annualized Revenue

Ramp raised $750 million on Thursday at a post-money valuation of $44 billion. The round was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan.

Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. Several prior backers also participated. The company said its annualized revenue now exceeds $1 billion after crossing that mark in September 2025.

5 billion. Ramp also stated it has reached positive free cash flow. Customer numbers grew to more than 70,000 from 50,000 in November 2025.

Named customers include Visa, Uber, Shopify, Anduril, and Figma. Ramp initially focused on expense management for startups and has since added payments, fraud detection, procurement, vendor management, and accounting. Ramp offers AI agents across procurement, expense management, accounting, and budgeting.

It launched a corporate credit card for AI agents and is building tools to monitor AI token usage across providers. The company is also setting up infrastructure that would let AI agents make payments on behalf of users. Some of its recent growth comes from token spend management.

CEO Eric Glyman wrote in a Thursday blog post that Ramp is positioning itself to help companies control AI-related costs. He said the company has its sights on eventually going public. Ramp has now raised more than $3 billion in total funding.

15 billion earlier this year in a cash-and-stock deal. Ramp’s other competitors include Rippling, which combines spend management with HR, IT, and payroll tools. Uber set a $1,500 per-employee cap on AI tool spending after exhausting its entire 2026 AI budget in four months.

Ramp noted that companies are increasingly focused on measuring and controlling AI token costs.