Ramp has secured an additional $500 million in funding just two months after raising $200 million at a $16 billion valuation, bringing its total valuation to $22.5 billion.
Iconiq led the latest round, which also included all previous participants from the June Series E, along with new investors such as Lightspeed Ventures and Google Ventures.
Since its founding in 2019 as a corporate card provider, Ramp has transformed into a comprehensive operations system for finance teams, launching procurement, travel, and treasury product lines last year. The company now serves over 40,000 businesses and manages more than $80 billion in annual purchase volume from card transactions and bill payments, claiming to have saved customers $10 billion and 27.5 million hours.
In a letter to customers, CEO Eric Glyman emphasized Ramp’s commitment to AI, revealing the introduction of their first AI agents. By next year, these agents will “take over the busywork,” with plans for full autonomy by 2028.
Reflecting on the recent funding, Glyman stated, “45 days ago, I said ‘Let the robots chase receipts.’ We raised $200 million 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 $500 million at a $22.5 billion valuation to accelerate this progress.”