Ramp Rockets to $32 Billion Valuation

Expense management startup Ramp has achieved a staggering $32 billion valuation, doubling its worth in just six months following a recent $300 million primary financing round coupled with an employee tender offer.

This marks Ramp’s third significant funding round in half a year, building on a $200 million raise in June (at a $16 billion valuation) and a $500 million injection in July (at a $22.5 billion valuation). The latest capital infusion was led by Lightspeed Venture Partners, with support from numerous new and existing investors.

Since its founding in 2019 as a corporate card service, Ramp has rapidly expanded into a comprehensive operating system for finance teams. Over the past year, it has introduced key product lines covering procurement, travel, and treasury.

Ramp now serves over 50,000 companies and processes more than $100 billion in annualized purchase volume. The company proudly states it has saved its customers $10 billion and 27.5 million hours of work.

A major focus has been Artificial Intelligence (AI). Ramp recently launched its first AI agents, including Agents for Controllers and Agents for AP. In October alone, these AI tools made over 26 million decisions on more than $10 billion in spend.

CEO Eric Glyman attributes this growth to tangible customer results, stating: "On average, companies that switch to Ramp spend 5% less and grow 12% faster... We are working hard to bring that advantage to every business."