Expense management startup Ramp has raised another round of capital — a $500 million Series E-2 at a $22.5 billion valuation, the company confirmed to Crunchbase News on Wednesday.
The raise comes weeks after Ramp announced it had raised $200 million in a Series E round at a valuation of $16 billion. Iconiq Capital led the financing, which included participation from existing backers Founders Fund, Khosla Ventures, General Catalyst, Stripe, Citi, Lux Capital and Sequoia Capital, among others. New backers include Lightspeed Venture Partners, GV (formerly Google Ventures), T. Rowe Price and Operator Collective, among others.
The pace at which Ramp has raised capital and grown its business makes it a standout in a fintech space that has been on a roller coaster ride in recent years.
In early March, Ramp announced it had nearly doubled its valuation to $13 billion after a $150 million secondary share sale. This means that the company has nearly doubled its valuation in less than five months.
Since its 2019 inception, New York-based Ramp says it has now raised a total of $1.9 billion in equity funding.
Notably, the company revealed today that it has over 40,000 customers, including Shopify, Anduril Industries, Notion and Cursor, and that it “began generating cash flow earlier this year.”
Earlier this month, Ramp launched what it described as the “first of many” autonomous AI agents in a move it claims helps its customers “catch 15x more policy violations.”
In a blog post, CEO and co-founder Eric Glyman wrote: “Right now, Ramp users are getting 3× more done per minute compared to two years ago. By 2027 — as our agents start working in parallel — we’re aiming for 30×.”
He 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.”
In announcing the financing, Ramp did not disclose hard revenue figures. However, the company crossed $700 million in annualized revenue as of January of this year, sources previously told TechCrunch.
Ramp’s biggest revenue generator is earning interchange fees from its cards. It also makes money through transaction fees on bill payments, SaaS revenue via its Plus offering, foreign exchange from global money movement, and affiliate fees through its travel product, among other things.
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Illustration: Dom Guzman
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