Corporate finance operations platform Ramp has raised $500 million in Series E-2 funding. Just last month, the company announced it had raised $200 million in Series E funding, which brought its valuation to $16 billion.
With the latest round, the company said it is now valued at $22.5 billion.
The Series E-2 round was led by Iconiq with support from existing investors and all participants from the round in June, including Founders Fund, D1 Capital Partners, GIC, Coatue, Avenir Growth and Thrive Capital, among others. Sutter Hill Ventures, Lightspeed Ventures, Google Ventures and T. Rowe Price Associates are among the new investors this round.
Founded in 2019, Ramp said it currently serves over 40,000 companies with its products, which include corporate cards and expense management, bill payments, procurement, travel booking and treasury.
“We're focused on ensuring our only constraint is the scale of our ambition,” said Ramp chief financial officer Will Petrie. “We have a fortress balance sheet and an accelerating core business. Both will allow us to play to win as AI reshapes the future of finance.”
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Earlier this month, Ramp launched its first autonomous AI agents, with additional "powerful and specialized agents" to be released later in 2025.
In a letter to customers, Eric Glyman, co-founder and CEO, said the AI agents are being used for “reviewing, approving and coding transactions, flagging fraud and updating policies” for finance teams at Notion, Webflow and Quora.
“Forty-five days ago: I said, ‘Let the robots chase receipts,’” Glyman wrote. “And we raised $200M to do just that.”
“Today, they’re not just chasing receipts. They’re filing your expenses, booking your travel, paying your invoices, and closing your books. And we’ve raised another $500M at a $22.5 billion valuation to pick up the pace.”
Glyman also outlined how he thinks the finance sector will change in the coming years, with agents taking over “busywork” such as reviewing and approving expenses by 2026. By 2027, finance will move from running like a relay to a system with agents working in parallel to streamline processes. By 2028, Glyman said autonomous AI will be running without human oversight.
In April 2024, Ramp raised $150 million in Series D-2 funding, having raised $300 million in Series D funding in August 2023.
At The Phocuswright Conference 2023, Manny Hittelman, Ramp’s travel product lead at the time, presented the company’s solution during the launch competition.
Watch the full Center Stage presentation below:
Ramp - Phocuswright Innovation Launch 2023