The Series E round was led by the Iconiq fund, with participation from Founders Fund and D1 Capital.
The new capital will be directed towards expanding the team and developing AI agents.
Ramp serves over 40,000 companies and generates hundreds of millions of dollars in revenue.
Fintech startup Ramp, specializing in the automation of corporate finance, announced it has raised $500 million in a Series E round. The company was valued at $22.5 billion in the transaction. The leader in terms of investment volume was the Iconiq fund with participation from Founders Fund and D1 Capital Partners.
Ramp's CEO and co-founder Eric Glyman noted that the funds will go towards hiring engineers and product specialists, as well as promoting AI agents. According to him, such solutions are already helping companies automate routine processes—from expense reporting to procurement accounting.
Ramp has reached a new valuation: $22.5 billion.
To our 40,000+ customers: we’re deeply grateful for you trusting us with your finances.
To our team: we still serve just 1.5% of businesses in the US. 98.5% to go. pic.twitter.com/WJPIPIaTuq
— Ramp (@tryramp) July 30, 2025
Startup representatives reported that since launching their first AI agent in July, thousands of clients have connected to its testing. Among them is Quora, where the solution replaces the work of an entry-level accountant, reconciling employee expenses with corporate policy.
Ramp forecasts and analyzes transactions using data from Gmail and Google Calendar, and if necessary, clarifies information from employees via SMS. The system checks expenses for compliance with company policy and automatically codes them, increasing the efficiency of finance departments.
Founded in 2019, Ramp serves over 40,000 companies, including several corporations from the Fortune 100 list. In March 2025, the startup's annual revenue reached $700 million, and at the beginning of this year, the firm achieved positive cash flow.
Despite these figures, Ramp will have to compete with giants like Brex, SAP, and American Express, which are also actively implementing AI agents. Experts note that for many financial directors, the practical value of such solutions remains in question, and the startup will have to prove their reliability and justify the investments.
