Ramp is looking to raise $750 million at a valuation of more than $40 billion, according to a report Thursday from The. The financing has not closed, and Ramp declined to comment on the report.
If completed, the deal would extend a valuation run that has moved quickly through 2025. Ramp was valued at $13 billion in March, when investors bought secondaries from employees and early backers. By June, it was at $16 billion after a $200 million Series E financing, then at $22.5 billion in July after a $500 million Series E-2 round. In November, the company reached $32 billion in a primary financing round and employee tender offer that raised $300 million.
The latest fundraising would also follow a stretch of product expansion that has helped define Ramp’s pitch to corporate finance teams. On April 29, the company said it had added a fleet of artificial intelligence agents to its procurement platform, tools it said could triage employee requests, source vendors, review contract terms and handle compliance checks. Ramp has also teamed up with Visa to offer AI agents that automate corporate bill pay, and it bought guest travel platform Juno and payments platform Billhop.
The company said on Nov. 1 that it was serving more than 50,000 customers and enabling more than $100 billion in annualized purchase volume. Chief executive Eric Glyman has framed the business around savings and growth, saying the goal is to make every customer more profitable and that companies switching to Ramp spend 5% less and grow 12% faster on average. The new fundraising talks suggest investors are still willing to back that expansion, even after a year of rapid valuation gains and a crowded race to add artificial intelligence to financial software.
What comes next is whether Ramp can turn a fast-rising valuation into a larger pool of capital without slowing the pace of growth that has fueled it so far.
