Fintech Ramp Now Valued At $32B After $300M Raise Led By Lightspeed

Last updated: 2025/11/17 at 4:08 PM

News Room Published 17 November 2025

Fintech startup Ramp is on a tear. The expense management company has raised yet another round of capital — $300 million at a $32 billion valuation, the company announced on Monday.

The financing marks the fourth raise for New York-based Ramp in 2025 alone, and brings its total equity raised since its 2019 inception to $2.3 billion, per the company. It was valued at $13 billion after a secondary share sale in March, and announced a $500 million Series E-2 at a $22.5 billion valuation in late July.

Roughly half of the $300 million in equity just raised will be used toward covering employee liquidity, according to the company. Any other employee liquidity needs will be covered by the secondary/tender portion, but that amount isn’t final.

Lightspeed Venture Partners led the latest equity round, which included participation from existing backers such as Iconiq Capital, Founders Fund, Khosla Ventures, General Catalyst and Lux Capital, among others. New investors Alpha Wave Global, Bessemer Venture Partners, Robinhood Ventures, 1789 Capital, Epicenter Capital and Coral Capital wrote checks into the round as well.

Ramp says it is now generating more than $1 billion in annualized revenue and producing free cash flow. It also reports that it has over 50,000 customers, double the amount it had last year, including CBRE, Shopify, Anduril Industries, Figma, Notion and Cursor.

In particular, Ramp says it grew its enterprise customer base by 133% year over year, with more than 2,200 customers. Overall, it claims to power over $100 billion in purchases annually.

Global venture funding to financial technology startups in 2025 has, as of Nov. 17, reached $45.8 billion across 3,291 deals, per Crunchbase data. That’s a 27.6% increase in dollars raised compared to the $35.9 billion raised across 4,348 deals during the same time period in 2024.