US-based corporate spend management company Ramp is in discussions to raise USD 750 million at a pre-money valuation of more than USD 40 billion, according to sources cited by the Wall Street Journal. The deal has not been finalised, and terms remain subject to change. At the time of writing, Ramp did not comment on the matter.
The reported round would represent a significant step up from the company's most recent disclosed valuation. In November 2025, Ramp announced it had raised USD 300 million at a USD 32 billion post-money valuation in a round led by Lightspeed, which also included an employee tender offer. Before that, the company closed a USD 500 million Series E-2 at a USD 22.5 billion valuation led by Iconiq in July 2025, following a USD 200 million Series E at a USD 16 billion valuation led by Founders Fund just weeks earlier. The company completed several additional funding rounds earlier in 2025, each accompanied by a material increase in valuation.
Revenue growth and AI integration
Alongside its fundraising activity, Ramp has reported substantial revenue growth. In November 2025, founder and CEO Eric Glyman stated that the company had reached USD 1 billion in annual revenue, doubling its income within a year.
Glyman has also outlined a strategy centred on embedding AI across Ramp's spend management products. Capabilities under development or deployment include automated blocking of out-of-policy purchases, fraud detection, and the automatic movement of funds into interest-bearing investments.
Market context
Ramp operates in the corporate card and spend management segment, a market that has attracted sustained investor interest as businesses seek greater visibility and control over employee and operational expenditure. The integration of AI-driven automation into financial workflows has become a central theme across the broader fintech sector, with vendors competing to reduce manual intervention in areas such as expense approval, policy enforcement, and cash management.
If completed at the reported terms, the new round would place Ramp among a small group of privately held fintech companies valued above USD 40 billion, reflecting continued appetite from venture capital for high-growth platforms with demonstrated revenue scale and a credible AI development roadmap.
