Ramp secures $500M in Series E at $22.5B valuation driven by AI automation expansion

Ramp, a financial operations platform specializing in AI-driven corporate finance automation, has raised $500 million in a Series E funding round, valuing the company at $22.5 billion [1]. This marks a significant increase from its $13 billion valuation in March of the same year, reflecting strong investor confidence in its AI strategies and scalable business model [2]. The round was led by ICONIQ Capital, with contributions from existing investors Founders Fund and D1 Capital Partners [3].

The funding will be allocated toward expanding Ramp’s team and advancing the development of AI agents designed to automate routine financial and procurement tasks, such as expense compliance and bookkeeping [4]. These AI agents utilize models from OpenAI and Anthropic to interpret company policies and suggest adjustments based on employee spending behaviors. CEO and co-founder Eric Glyman described the effort as "teaching software to think like people" [5]. The AI tools are already in trial by thousands of businesses, including companies like Quora, where they perform tasks traditionally carried out by entry-level accountants [6].

Since its founding in 2019, Ramp has grown to serve over 40,000 companies, including several Fortune 100 organizations [7]. The platform reported $700 million in annualized revenue and turned cash-flow positive earlier this year [8]. The company’s rapid expansion has been fueled by the increasing demand for AI-enhanced financial automation, particularly in expense management and procurement.

The latest round of funding elevates Ramp’s total capital raised to $1.9 billion [9]. With this backing, the firm is poised to scale its AI-driven features, including the development of budgeting agents that can proactively detect and flag financial anomalies. This aligns with a broader industry shift toward AI-augmented decision-making in corporate finance [10].

As Ramp moves to establish itself as a leader in AI-powered financial operations, it faces competition from established players such as SAP, American Express, and fintech startups like Brex. While AI agents offer the potential to streamline workflows, some experts caution that their practical value remains unproven for many CFOs [11]. Ramp will need to demonstrate consistent reliability and tangible ROI to justify continued investment in its solutions.

Source:

[1] PRNewswire, [https://www.prnewswire.com/news-releases/ramp-raises-500-million-at-22-5-billion-valuation-to-accelerate-ai-and-build-the-future-of-finance-302516953.html](https://www.prnewswire.com/news-releases/ramp-raises-500-million-at-22-5-billion-valuation-to-accelerate-ai-and-build-the-future-of-finance-302516953.html)

[2] Economic Times, [https://m.economictimes.com/tech/funding/ai-finance-app-ramp-raises-500-million-in-a-new-funding-round-report/articleshow/122997399.cms](https://m.economictimes.com/tech/funding/ai-finance-app-ramp-raises-500-million-in-a-new-funding-round-report/articleshow/122997399.cms)

[3] The Wall Street Journal, [https://www.wsj.com/articles/ai-finance-app-ramp-is-valued-at-22-5-billion-in-funding-round-5a4269cb?gaa_at=eafs&gaa_n=ASWzDAhxIuhtTdcooae4yduTQU_9J-cM7Hf9Tf65upwWsOB5z6cJnfHfJxuO&gaa_sig=QAhvCHepIXRae64ONVu9MC5tOniAvlvpUHoxzJj-IWjOVkZvkFqSqtUJ8SJ3BKzeuBwt-OZjpz2yZ_JZAnBbTw%3D%3D&gaa_ts=688babe2](https://www.wsj.com/articles/ai-finance-app-ramp-is-valued-at-22-5-billion-in-funding-round-5a4269cb?gaa_at=eafs&gaa_n=ASWzDAhxIuhtTdcooae4yduTQU_9J-cM7Hf9Tf65upwWsOB5z6cJnfHfJxuO&gaa_sig=QAhvCHepIXRae64ONVu9MC5tOniAvlvpUHoxzJj-IWjOVkZvkFqSqtUJ8SJ3BKzeuBwt-OZjpz2yZ_JZAnBbTw%3D%3D&gaa_ts=688babe2)

[4] KonnectHouse, [https://www.konnecthouse.com/ramp-valued-at-22-5b-in-500m-funding-round-expands-into-procurement-automation/](https://www.konnecthouse.com/ramp-valued-at-22-5b-in-500m-funding-round-expands-into-procurement-automation/)

[6] TechNews180, [https://technews180.com/funding-news/ramp-hits-22-5b-valuation-with-new-500m-funding/](https://technews180.com/funding-news/ramp-hits-22-5b-valuation-with-new-500m-funding/)