How More Funding is Helping Ramp to Pick up the Pace
Just six weeks after its last funding round, expense management startup Ramp has closed another US$500 million investment, catapulting the company to a staggering US$22.5bn valuation as CEO Eric Glyman doubles down on AI-powered finance automation
The funding round, spearheaded by ICONIQ alongside Founders Fund and D1 Capital Partners, represents significant momentum for the startup. The new valuation comes hot on heels of Ramp's previous funding round in June, when it raised US$200 million at a $16 billion valuation.
That June round itself marked significant growth from the company's $13 billion valuation just three months earlier in March.
Ambitious AI-driven vision
Eric announced the news in a blog post, where he wrote: "45 days ago: I said 'let the robots chase receipts, and we raised US$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 US$500M at a US$22.5bn valuation to pick up the pace.
"If you're reading this, you're probably trusting us to run your finances – we're saving millions of you billions of dollars and hours a year – and we're deeply grateful for your trust."
The rapid succession of funding rounds highlights investor appetite for Ramp's expense management platform and the company's accelerating growth trajectory in the fintech space.
AI agents already transforming finance teams
It comes as Ramp continues its incredible momentum – just three weeks ago, it launched its first AI agents. Finance teams at Notion, Webflow and Quora have them working round the clock: reviewing, approving and coding transactions, flagging fraud and updating policies.
Eric wrote the reason the company is raising another US$500m, just 45 days later, saying it's "Because we're at a unique moment in finance.
"A new beginning. Fortunately, over the last six years we've assembled (what I think) are the best engineering and design teams in our industry.
"Now, let me tell you how we think finance will change, and why you're in the best hands."
Eric then used the blog post to outline how, over the next three years, the finance landscape will be transformed by the introduction of AI agents.
he outlined how with Ramp, all businesses have to do is give its agent a PDF policy and it immediately starts approving low-risk expenses, answering employee questions over SMS and flagging true outliers for review.
Beta results show dramatic efficiency gains
For those taking part in the beta, Eric says they are seeing:
- The team? Doing 85% fewer manual reviews
- Our agents? Catching 15x more policy violations
- Your financials? 10,000 transactions reviewed without breaking a sweat
"This is the first of a suite of agents coming in the next year," he wrote.
Eric also outlines how Ramp users are currently 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×."
The CEO went on to outline how in 2028, he envisions a fleet for different tasks. "Expense agents clearing 99%+ of transactions without human touch. Treasury agents optimising cash positioning. FP&A agents running real-time forecasts," he wrote.
Following Ramp's previous funding round, Eric said the company was grateful for the opportunity to earn its users' business every day – "and we'll keep delivering more time and money back to you with each one," he said.
He stressed then that the "job's not finished", and with the latest round of funding, it's clear that Ramp is wasting no time getting to task.