Ramp co-founders Karim Atiyeh (left), chief technology officer, and Eric Glyman, chief executive Credit: Ramp Ramp, the corporate card and spend management company, is in early talks to raise new funding at a valuation of roughly $60bn. That would put it $16bn above the valuation it reached just three months ago. Rebecca Torrence and Natasha Mascarenhas of Bloomberg reported the talks on 8 September, citing people familiar with the efforts. One of them said Ramp is considering raising about $1bn in primary funding.
The people said the talks are ongoing and the details could change. Ramp declined to comment to Bloomberg, and TNW has not independently verified the report. Three months, $16bn In June, Ramp raised a $750m Series F at $44bn, led by ICONIQ, GIC and Ontario Teachers’ Pension Plan. A $60bn price would mark a rise of about 36% since then.
In April 2024, the company was valued at $7.65bn. Ramp has raised $3bn in total so far. Its backers include ICONIQ, Thrive Capital and Founders Fund, according to Bloomberg. The June numbers came from Ramp itself.
It said then that it served more than 50,000 customers and handled more than $100bn in annual purchase volume. It also said its total payment volume grew about 170% year on year in March, its fastest rate in three years. Growth is the case for the jump. Ramp had passed $1.5bn in annualised revenue by early June, Bloomberg has previously reported.
On those numbers, a $60bn valuation would be about 40 times that revenue run rate. From expense reports to AI spending Eric Glyman and Karim Atiyeh founded Ramp in 2019, and today serve as its chief executive and chief technology officer. The company started by helping startups simplify expense reporting. It now sells a wider set of tools, including payments processing and AI-powered fraud detection.
Its newest bet is on AI costs. The June round was meant to fund tools that track and control what companies spend on AI tokens. Ramp already does the same for cards, travel and vendor bills. The money also went towards Stack, an accounting product sold to accounting firms.
In August, Ramp launched a free rival to OpenRouter, the AI model router that Stripe had just agreed to buy. A market with fewer rivals Ramp’s closest competitor, Brex, is no longer independent. Capital One acquired it earlier this year for $5.15bn, Bloomberg reported. That price is less than a tenth of the valuation Ramp is now said to be seeking.
Europe is where the competition looks different. In March, Ramp bought Stockholm payments company Billhop to get the licences it needs in the UK and the EU. The company said at the time that companies based there could use Ramp directly from this summer. It set up teams in London and Stockholm.
There it meets local players that are also leaning on AI. Copenhagen’s Pleo has launched finance AI agents. Berlin’s Moss became a unicorn in August by pitching what it calls controllable finance AI. What would settle it The round is still at the talking stage.
The details worth watching are the final valuation, the size of the raise and who leads it. A new lead would say more about outside demand than a return from June’s investors. For now, the only numbers on the record are the ones Bloomberg’s sources gave: about $1bn, at about $60bn. The same sources say the terms could still change.
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