Ramp Raises $500M, Hits $22.5B Valuation

Ramp, a New York-based expense management fintech, has raised $500 million in a Series E-2 round led by Iconiq Growth, increasing its valuation to $22.5 billion just 45 days after a previous $200 million raise at $16 billion. Since its 2019 founding, Ramp has secured $1.9 billion in equity funding and serves over 40,000 customers including Shopify, Notion, and Quora. The company became cash-flow positive this year and reported $700 million in annualized revenue as of March 2025. The new funding will be used to hire more staff and accelerate the development of AI agents aimed at automating finance tasks such as expense compliance, procurement, and bookkeeping. CEO Eric Glyman has highlighted Ramp's vision for autonomous AI agents to handle most corporate finance operations and boost productivity. However, some industry voices have raised concerns about the risks associated with widespread automation in finance.