Ramp Raises $750M at $44B Valuation — AI Finance Platform Hits $1B ARR With a Corporate Card for AI Agents

Ramp closed a $750 million Series F on June 4, pushing its valuation to $44 billion — a 38% jump in seven months and nearly triple what the company was worth a year ago. The round was co-led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, with Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, and others joining.

The numbers underneath the headline are real. Ramp crossed $1 billion in annualized revenue as of June 1, with Bloomberg reporting the figure has already reached $1.5 billion. The company now serves over 70,000 enterprise customers — up from 50,000 in November — including Visa, Uber, Shopify, Anduril, and Figma. Annualized purchase volume sits at $200 billion, with transaction volume growing 170% year-over-year in March, the fastest pace in three years.

The AI Layer

Ramp has moved well past expense tracking. Its current product stack spans payments, fraud detection, procurement, vendor management, and accounting — all with AI agents wired throughout.

The headline product feature is a corporate credit card designed specifically for AI agents, letting companies issue spend controls directly to automated systems. A purchasing agent can now hold a Ramp card, operate within approved budget limits, and reconcile purchases automatically. Ramp also launched token spend management tools so enterprises can track and cap AI API costs across providers like Anthropic, OpenAI, and Google in a single dashboard.

This is the AI story investors are paying for. Enterprises want AI that can actually transact — not just generate text — and Ramp is positioning itself as the financial rails for that transition.

Customer and Revenue Growth

Customer count grew 40% year-over-year. Ramp turned free-cash-flow positive, which reduces urgency but validates the business model at scale. The Series F brings total equity funding to over $3 billion.

Notable customers span the full AI economy: Anduril (defense AI), Figma (design tools), Shopify (e-commerce), and Uber (logistics) are all running corporate spend through Ramp’s platform.

What the Capital Is For

The company plans to use the $750 million to accelerate product development and international expansion. The seven-year-old New York company is not yet public. At $44 billion and $1.5 billion in run-rate revenue, the path to IPO is a matter of when, not whether.

Sources

• TechCrunch — Ramp raises $750M at $44B valuation
• Axios — Ramp raises $750M Series F at $44B valuation