"The one area outside of AI where investors are still enthusiastic is expense management fintech, at least if Ramp's 2025 is anything to judge by. Every few months, Ramp has raised another large sum at another giant new valuation. On Monday, the fintech announced it had raised $300 million led by Lightspeed, which also included an employee tender offer. This is just a few months after a $500 million Series E-2 at a $22.5 billion valuation led by Iconiq, announced on July 30."
"That round was just a few weeks after a $200M Series E at $16 billion valuation led by Founders Fund, announced in mid-June. And that Series E was just three months after a $150 million secondary share sale at a $13 billion valuation in March. Prior to 2025, Ramp had previously raised in April 2024 a $150 million Series D co-led by Khosla and Founders Fund at a $7.65 valuation."
"With Monday's round, Ramp has raised $2.3 billion in total equity financing, it says. And in 2025 alone, the company leapt from being worth $13 billion to $32 billion. Ramp in October said it had surpassed $1 billion in annualized revenue, meaning it was on a trajectory to bring in that much on a 12-month basis. Ramp today offers corporate expense management."
Ramp raised $300 million led by Lightspeed, including an employee tender offer. Earlier 2025 financings included a $500 million Series E-2 at a $22.5 billion valuation, a $200 million Series E at $16 billion, and a $150 million secondary share sale valuing the company at $13 billion. Prior to 2025, Ramp raised a $150 million Series D in April 2024 at a $7.65 billion valuation. Total equity raised reached $2.3 billion. Ramp reported surpassing $1 billion in annualized revenue and more than 50,000 customers. Ramp offers corporate expense management, credit cards, purchase order and travel software, and uses AI to automate some approvals but is not primarily an AI company.
Read at TechCrunch
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