Ramp Eyes $60 Billion Valuation, Up From $44 Billion in June: Report

Ramp is having early discussions with investors about raising new funding at a valuation of roughly $60 billion. 

The New York-based fintech startup is considering raising $1 billion in primary capital, sources familiar with the matter told Bloomberg. The discussions are ongoing and the terms, including the valuation and size of the funding round, are subject to change, sources noted. 

In June, Ramp closed its $750 million Series F funding round, putting the company’s valuation at $44 billion. The new capital was used to further expand its AI-focused product development for customers. Ramp also tied the financing to what it described as a new category of corporate expense: AI usage billed per token. 

“For 500 years, business ran on two pillars of spend: people and vendors. In the last 24 months, a third arrived — intelligence, paid by the token and invisible to every system we’ve built to manage cost. Ramp is the infrastructure for the third pillar,” CEO Eric Glyman said.

In the last few months, Ramp has also completed two acquisitions: Billhop for U.K. and EU payments and Juno for guest travel. The company plans to begin serving companies headquartered in the U.K. and Europe this summer.

Ramp also expanded a multi-year partnership with Visa aimed at letting AI agents initiate corporate payments while applying real-time controls. The company highlighted newer offerings, including token spend management, real-time budgeting tools, procurement automation, accounting workflow automation and a spend platform for startups.

As of June 1, Ramp reported more than $1 billion in annualized revenue with positive free cash flow, more than 70,000 customers, and $200 billion in annualized purchase volume. 

Ramp was founded in 2019 by Glyman, Karim Atiyeh and Gene Lee. The company provides an all-in-one spend management and corporate card platform. By leveraging AI and automation, Ramp’s software is designed to help businesses handle corporate credit cards, control expenses and accounting. 

Glyman has previously said he is closely watching the IPO pipeline, noting that companies posting extreme growth rates while also generating cash represent an unusual and highly compelling profile for public investors.

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