Ramp hits $44 billion valuation in $750 million raise as it bets that AI token spending is the next corporate expense to tame

TL;DR

Ramp raised $750 million in a Series F led by ICONIQ, GIC, and Ontario Teachers’ at a $44 billion valuation. The spend management platform is expanding into AI token cost management and accounting, with revenue past $1 billion and 170% TPV growth.

Two years ago, Ramp was a $7.65 billion corporate card company. On Wednesday, it announced a $750 million Series F that values it at $44 billion, a nearly six-fold increase that makes it one of the most valuable private fintech companies in the world.

The round was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, with new investors including Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. It brings Ramp’s total equity financing to more than $3 billion.

The growth numbers

The valuation rests on a business that has moved well past its startup phase. Ramp...

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