Ramp Hits $44B Valuation in $750M AI-Focused Funding Round

Ramp, the corporate spend management platform, has secured $750 million in Series F funding, elevating its valuation to $44 billion. The round was led by investors including ICONIQ, Singapore’s sovereign wealth fund GIC, and the Ontario Teachers’ Pension Plan, alongside new participants like Goldman Sachs Alternatives, D. E. Shaw & Co., and Morgan Stanley Investment Management. Existing backers such as Founders Fund, Lightspeed Venture Partners, and Thrive Capital also contributed. This funding reflects a shift in corporate finance, addressing the rising costs of AI token consumption, which has become an unpredictable expense category for businesses. The new capital will support Ramp’s expansion of AI token spend management tools, enabling companies to track, predict, and control AI-related costs before they escalate. Unlike traditional billing systems, these tools adapt to dynamic AI usage patterns, which often bypass conventional procurement controls. Ramp’s latest features aim to provide visibility into this rapidly growing expense category, which has disrupted traditional corporate spending models. Ramp’s growth metrics underscore its operational momentum, with annualized purchase volume exceeding $200 billion across 70,000+ customers and a 170% year-over-year increase in total payment volume as of March 2026. The company has surpassed a $1 billion annual run rate with positive free cash flow. Beyond AI spend management, Ramp is deploying automated AI workflows, including its recently launched “Stack” platform, designed to streamline accounting processes for both internal finance teams and external accounting firms. Internally, Ramp operates with a 99.5% AI adoption rate among employees, relying on its proprietary tool, “Inspect,” to generate over two-thirds of its codebase. The funding will also accelerate global expansion, following acquisitions like UK/EU payment provider Billhop and a guest travel platform. These moves position Ramp to strengthen its presence in international markets while deepening its integration of AI-driven automation across corporate finance operations.