- Ramp is reportedly in advanced talks to raise $750 million at a pre-money valuation exceeding $40 billion, co-led by existing backers GIC and Iconiq Capital.
- If completed, the round would mark a massive jump from its $32 billion valuation in November 2025, continuing a frenetic fundraising pace that saw its valuation rise from $16 billion to $32 billion in less than six months last year.
- The spend management platform, which crossed $1 billion in annualised revenue in 2025, plans to use the capital to expand its automation tools and target larger enterprise clients.
Corporate spend management startup Ramp is reportedly in talks to raise $750 million at a pre-money valuation of more than $40 billion, reports The Wall Street Journal. Existing backers GIC and Iconiq Capital will be co-leading the round.
The discussions follow multiple funding rounds completed in 2025. In June, Ramp raised $200 million in a Series E round led by Founders Fund at a $16 billion valuation. Weeks later, in mid-2025, ICONIQ Capital led another $500 million round, valuing the company at $22.5 billion. In November, Lightspeed led a further $300 million financing round, pushing Ramp’s valuation to $32 billion.
The New York-based startup was founded in 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee. Glyman and Atiyeh previously founded Paribus, which was later acquired by Capital One for $X.
Ramp started with corporate cards and expense management software before expanding into broader financial operations tools for businesses. The company’s platform now includes procurement software, travel booking, bill payments, treasury management, and accounting automation. Its software can detect suspicious transactions, block purchases that violate company policies, automate approvals, and move idle cash into interest-bearing accounts.
Ramp crossed $1 billion in annualised revenue in 2025, according to its latest financial statement.
Ramp competes with fintech firms, including Brex and Stripe, which are also expanding into corporate finance software. Established companies such as American Express and SAP also operate in business spend management and financial software.
The company is expected to continue expanding its financial operations platform and automation tools as it targets larger enterprise customers.
