Less than two months after raising $200 million at a $16 billion valuation, Ramp has pulled in another $500 million in a round that values the expense management startup at $22.5 billion.
Iconiq led the round, joined by all participants from the June Series E as well as a host of new backers, including Lightspeed Ventures and Google Ventures.
Founded in 2019 as a corporate card, Ramp has evolved into a comprehensive system of operations for finance teams. Last year, it launched procurement, travel and treasury product lines.
It now serves more than 40,000 companies and powers over $80 billion in annualised purchase volume across card transactions and bill payments. To date, the firm claims to has saved customers $10 billion and 27.5 million hours.
In a letter to customers, CEO Eric Glyman makes clear that Ramp is going big on AI, noting that the firm has just launched its first AI agents which, by next year, will "take over the busywork" and by 2028 there will be autonomous.
Referencing the previous raise, he writes: "45 days ago: I said 'Let the robots chase receipts'. And we raised $200M to do just that.
"Today, they're not just chasing receipts. They're filing your expenses, booking your travel, paying your invoices, and closing your books. And we've raised another $500M at a $22.5 billion valuation to pick up the pace."