US spend management fintech Ramp has secured $500 million in a Series E-2 funding round, catapulting its valuation to $22.5 billion. This latest fundraise comes just 45 days after Ramp’s Series E, which saw the company raise $200 million at a $16 billion valuation.
Founded in 2019, Ramp has seen its valuation quadruple over the past two years. The company was valued at $5.8 billion following a $300 million Series D round in 2023, before elevating to $7.65 billion after a $150 million Series D-2 round in April 2024. A secondary share sale in March this year further lifted its valuation to $13 billion.
The Series E-2 round was led by ICONIQ, with additional backing from all previous investors in the June Series E. New investors include Google Ventures, Emerson Collective, Sutter Hill Ventures, Lightspeed Ventures, T. Rowe Price Associates, Operator Collective, and Pinegrove Capital Partners.
Ramp’s platform automates financial functions for businesses, handling accounting processes, data analysis, and integrations with external systems. The company currently serves over 40,000 businesses with tools for corporate cards, expense management, bill payments, and more.
CEO and co-founder Eric Glyman states in an interview with The Wall Street Journal that the fresh capital will fund the hiring of marketing and sales staff, product experts, and engineers focused on developing and driving the adoption of Ramp’s new AI agents.
Three weeks ago, Ramp unveiled its first set of AI agents, which the company describes as the “first autonomous finance agents purpose-built for real-world policy enforcement, fraud detection, and policy improvement”. The company plans to release additional agents for budgeting and reporting, reconciliation, procurement, intake, and vendor onboarding in the coming months.
Source: https://www.fintechfutures.com/
