Ramp seeks to raise $750 million at valuation of over $40 billion

Corporate card startup Ramp is in discussions to raise another $750 million at a pre-money valuation of more than $40 billion, according to a report by The Wall Street Journal.

The report said existing investors Iconiq Capital and GIC are expected to co-lead the funding round.

However, the deal has not yet been finalised, and the terms could still change.


Founded in 2019, Ramp offers an AI-powered financial operations platform that combines corporate cards, expense management, bill payments, procurement, travel booking, treasury services and automated accounting tools in one place. The platform is designed to help businesses save both time and money by reducing manual finance work.

This round follows one last November, when Ramp raised $300 million in a round led by Lightspeed at a $32 billion post-money valuation. That round also included a tender offer for employees.

Back then, the company also announced that its annualised revenue had crossed $1 billion, doubling in 2025 along with its customer base, which grew to more than 50,000 companies.

Ramp also saw strong growth in its enterprise business. More than 2,200 customers were contributing over $100,000 in annual recurring revenue, while the enterprise segment expanded 133% year on year.

The company claimed it had helped customers save more than $10 billion and recover 27.5 million hours in productivity, largely by automating routine financial tasks.

The November funding round came after several major fundraises earlier in 2025. In July, Ramp secured $500 million at a $22.5 billion valuation in a round led by Iconiq. Only weeks earlier, it had raised $200 million in a Series E round led by Founders Fund at a $16 billion valuation.

Ramp had raised funds a couple of other times earlier in 2025, each time with a big valuation stepup.

The company’s clients include Shopify, Figma, Vercel, Cursor, Anduril, ElevenLabs, Chicago Blackhawks and the University of Tennessee.