Ramp raises $750 million, plans AI spending software

Ramp, a New York-based fintech company specializing in corporate spend management, announced a $750 million Series F funding round on Thursday. The funding increased its valuation to $44 billion, marking a 38% rise from its $32 billion valuation seven months prior and a 175% increase from its $16 billion valuation a year ago. This latest round brings Ramp’s total equity financing to over $3 billion. The company plans to use the funds to expand its AI-focused tools, including a new **Token Spend Management** system designed to help businesses monitor and optimize spending on AI infrastructure. Adam Sommer, Ramp’s product management director, highlighted the shift in enterprise priorities, noting that AI has become a critical financial asset. He stated that companies are now treating AI spend as a new line item, with some of Ramp’s largest AI spenders seeing their expenditures double month-over-month. With over 70,000 enterprise customers and $200 billion in annualized purchase volume, Ramp reported $1 billion in annualized revenue as of June 1, 2026. The company excludes bank transfers and non-monetized payments from its Total Purchase Volume calculations. Eric Glyman, Ramp’s co-founder and CEO, emphasized the rapid growth, comparing it to the company’s expansion three years ago, and stressed the need for financial infrastructure to support an AI-driven economy. PitchBook analyst Rudy Yang noted that Ramp’s valuation surge reflects investor confidence in its role as a key enabler for enterprises managing AI demand. He highlighted the importance of tracking token spend as AI adoption accelerates across industries. Yang’s comments align with Ramp’s mission to provide tools for CFOs and financial teams globally, from London to Wichita, as they navigate the evolving AI economy.