TLDR: Ramp, a leading financial operations platform, has successfully raised $500 million in its Series E-2 funding round, valuing the company at $22.5 billion. This significant investment, led by ICONIQ Growth, is earmarked to accelerate the development and deployment of AI agents aimed at transforming corporate finance through enhanced automation.
New York, NY – July 30, 2025 – Ramp, the innovative financial operations platform, today announced the successful close of its Series E-2 funding round, securing $500 million. This latest capital infusion elevates the company’s valuation to an impressive $22.5 billion. The round was spearheaded by ICONIQ Growth, with continued strong backing from existing investors, including Founders Fund, D1 Capital Partners, GIC, Coatue, Avenir Growth, Thrive Capital, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Altimeter, Definition Capital, 137 Ventures, General Catalyst, and Stripes. New investors joining this round include Sutter Hill Ventures, Lightspeed Ventures, T. Rowe Price Associates, Inc., GV (Google Ventures), Emerson Collective, Operator Collective, and Pinegrove Capital Partners.
The substantial funding is strategically aimed at accelerating Ramp’s advancements in artificial intelligence, particularly in the development of financial automation AI agents. These agents are designed to revolutionize corporate finance by automating tasks such as expense report compliance, with future iterations set to assist with procurement and bookkeeping. Eric Glyman, Co-founder and CEO of Ramp, emphasized the company’s vision, stating, “Functionally, we’re teaching software to think like people.” He further elaborated that the future of corporate finance will be characterized by significantly increased automation.
Ramp deployed its inaugural AI agent earlier this month, and the company reports that thousands of customers have already adopted it. Richard Gobea, a finance manager at Quora, highlighted the practical application of Ramp’s AI agent, noting that it automates the work typically performed by an entry-level accountant or clerk in checking employee expenses against corporate policies. Gobea stated, “I’m spending my time digging in a little more on the expenses the AI agent is flagging.”
This funding round coincides with the rapid expansion of AI agents, which are autonomous bots capable of performing tasks on behalf of humans. Ramp’s focus on agentic finance aims to enable instant parallel work, fundamentally reshaping the finance team’s structure within the next three years. Will Petrie, Chief Financial Officer at Ramp, commented on the company’s financial strength and strategic direction: “We’re focused on ensuring our only constraint is the scale of our ambition. We have a fortress balance sheet and an accelerating core business. Both will allow us to play to win as AI reshapes the future of finance.”
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Since its inception in 2019, Ramp has grown to serve over 40,000 companies, including prominent names like CBRE, Shopify, Anduril, Notion, Cursor, Vercel, Barry’s, and the University of Tennessee Athletics Foundation. The company currently processes over $80 billion in annualized purchase volume across card transactions and bill payments. Ramp has saved its customers over $10 billion and 27.5 million hours to date. With this latest round, Ramp’s total equity financing has reached $1.9 billion, and the company began generating cash flow earlier this year. The company’s product suite includes corporate cards and expense management, bill payments, procurement, travel booking, and treasury, with a majority of customers utilizing two or more products across its platform.
