Ramp, an expense management startup, has reached a $22.5 billion valuation through a Series E-2 funding round just 45 days after hitting a staggering $16 billion valuation.
Ramp has achieved a remarkable $22.5 billion valuation, followed by its $500 million Series E-2 funding round, increasing its valuation to 41% from its prior $16 billion valuation in March. The company’s rapid growth is underscored by the Glyman vision of “autonomous finance” through AI agents.
The latest funding round was led by ICONIQ, with contributions from returning investors including Founders Fund and D1 Capital Partners. This infusion of capital brings Ramp’s equity financing to $1.9 billion since its inception in 2019.
What Does This Funding Round Mean for Ramp’s Vision of Autonomous Finance?
Ramp recently launched its first autonomous AI agent, which Glyman described as a pioneer of the company’s vision for “autonomous finance” by 2028. These AI tools can automatically manage expense compliance, identify policy violations 15X better than traditional methods while also assisting users with invoice processing and travel booking.
As per the blog post, CEO of Ramp, Glyman said,
“Right now, Ramp users are getting 3x more done per minute compared to two years ago. By 2027, as our agents start working in parallel, we're aiming for 30x .”
He further added, “45 days ago: I said, “Let the robots chase receipts.” 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.”
Ramp: A New Kid in the Fintech Industry?
This funding round comes as fintech valuations recover after a period of stagnation. Ramp’s funding reflects a strong rebound with support from investors showing interest in the realm of AI-powered fintech solutions. New investors, including Lightspeed Ventures, T. Rowe Price, and Google Ventures, have joined the round with the existing investors.
Ramp’s growth puts it one step ahead of competitors like Expensify within finance automation. The company provides a comprehensive platform with support for expense management, bill payment, procurement, etc.
With the growing demand of AI-powered finance tools, Ramp’s integrated platform positions itself as a market leader in the fintech App Development space by capturing a significant market share for intelligent finance automation.
