Ramp hits $32B valuation, just three months after hitting $22.5B

The one sector outside of AI that continues to see intense enthusiasm from investors is corporate expense management fintech, and Ramp’s explosive 2025 makes that clearer than ever. The company has raised yet another major round, further increasing its valuation 

On Monday, Ramp announced a fresh $300 million fundraise led by Lightspeed, a round that also included an employee tender offer. This comes only months after the company closed a $500 million Series E-2 round at a $22.5 billion valuation, led by Iconiq, as announced on July 30. That financing itself followed closely behind a $200 million Series E at a $16 billion valuation led by Founders Fund in mid-June.

Those deals arrived just three months after a $150 million secondary share sale at a $13 billion valuation in March — marking a rapid succession of funding activity unmatched by nearly any company outside of the AI boom.

Before the 2025 surge, Ramp last raised funds in April 2024 with a $150 million Series D co-led by Khosla Ventures and Founders Fund at a valuation of $7.65 billion.

With the latest round, Ramp says it has now secured $2.3 billion in total equity funding. And remarkably, in 2025 alone, its valuation has skyrocketed from $13 billion to $32 billion.

In October, Ramp announced that it had surpassed $1 billion in annualised revenue, positioning it firmly on track to achieve that amount on a rolling 12-month basis.

Although Ramp does incorporate AI into its product line — using automation and agent-like workflows to streamline approvals and processes — it is not an AI company. Its core offerings include corporate credit cards, expense management tools, purchase order software, and corporate travel solutions. The company reports that it has now exceeded 50,000 business customers using its platform.