Ramp Raises Another $500 Million in 45 Days

Ramp didn’t plan to raise another $500 million. Not this quickly. Just 45 days after announcing a $200 million funding round, the New York-based fintech startup secured half a billion dollars more, this time led by Iconiq Capital, with participation from GV, T. Rowe Price, Emerson Collective, and others. The Series E-2 round values the company at $22.5 billion and brings its total capital raised to $1.9 billion since founding in 2019.

“We weren’t really planning on it,” Ramp CEO Eric Glyman said during a recent podcast appearance. “But we started hearing from investors... It was one of the most rigorous processes I’ve been through.” The company, which had already achieved cash-flow positivity earlier in the year and more than doubled revenue year-over-year, found itself fielding inbound interest from firms impressed by its performance and AI roadmap.

Ramp Intelligence is a growing suite of autonomous AI agents launched in July that aim to eliminate tedious manual processes in finance. Glyman says the goal is not just faster dashboards or better insights, but autonomous action. “These agents we’re building, Ramp Intelligence are there to take work off your plate and do it for you,” he explained. “If you get a receipt, rather than having to code and match it, you can just respond with one click in Slack. It’s done.”

Ramp’s agents currently automate tasks like expense coding, compliance enforcement, fraud detection, and policy refinement. The system integrates with email, calendars, and other corporate tools to predict and verify transactions, reducing approval time and streamlining workflows. Quora’s finance team, for instance, uses Ramp’s AI to replace the manual work of entry-level accountants.