Corporate-finance startup Ramp has raised $750 million in a Series F round led by ICONIQ, GIC and the Ontario Teachers's Pension Plan, lifting its valuation to $44 billion. That is nearly triple the roughly $16 billion it was worth a year ago, with new backers including Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management and Insight Partners.
The New York company, which sells corporate cards and spend-management software, now serves more than 70,000 organizations, up from 50,000 last November, and counts Visa, Uber, Shopify and Figma as customers. It says it has crossed $1 billion in annualized revenue with positive free cash flow, and powers over $200 billion in purchases a year.
Investors are paying up for fintechs with a credible AI story: Ramp pitches automated expense controls and tools to monitor AI-token spending. CEO Eric Glyman has said the firm has its sights on eventually going public, though no timing has been set.