Expense management startup Ramp has recently achieved a remarkable milestone, with its valuation skyrocketing to $32 billion in just six months. This surge follows a $300 million primary financing round combined with an employee tender offer.
This latest funding round marks Ramp’s third within a half-year period, coming after a $200 million raise in June that established a $16 billion valuation, and a subsequent $500 million investment in July that boosted its valuation to $22.5 billion. The latest round was spearheaded by Lightspeed Venture Partners, with participation from various existing and new investors.
Founded in 2019 initially as a corporate card solution, Ramp has since transformed into a robust operational platform for finance teams, recently launching product lines for procurement, travel, and treasury services. Currently, the company supports over 50,000 clients and facilitates more than $100 billion in annualized purchase volume through card transactions and bill payments. To date, Ramp claims to have saved its customers approximately $10 billion and 27.5 million hours in operational efficiencies.
Ramp has also made significant strides in artificial intelligence, notably launching its first AI assistant, Agents for Controllers, in July, followed by Agents for Accounts Payable (AP). By October, this AI had made over 26 million decisions across expenditures exceeding $10 billion.
CEO Eric Glyman emphasized the benefits of Ramp, stating, “On average, businesses that transition to Ramp reduce spending by 5% and experience a 12% faster growth rate—performance that surpasses nearly all industry benchmarks. The most disciplined and rapidly growing teams opt for Ramp because it enables them to scale more efficiently. We are dedicated to extending this competitive advantage to every business.”