Expense management fintech is one sector besides AI that continues to excite investors, particularly if Ramp’s 2025 performance is any indication. Ramp has consistently secured substantial funding at ever-increasing valuations. On Monday, the fintech revealed a $300 million funding round spearheaded by Lightspeed, which also encompassed an employee tender offer.
This announcement comes shortly after a $500 million Series E-2 at a $22.5 billion valuation, led by Iconiq and disclosed on July 30. Preceding that was a $200M Series E at a $16 billion valuation led by Founders Fund, revealed in mid-June. Furthermore, that Series E followed a $150 million secondary share sale at a $13 billion valuation in March.
Before 2025, Ramp had also completed a $150 million Series D in April 2024, co-led by Khosla and Founders Fund at a $7.65 valuation.
The company reports that with Monday’s round, Ramp’s total equity financing has reached $2.3 billion. Remarkably, in 2025 alone, the company’s valuation soared from $13 billion to $32 billion.
In October, Ramp announced it had exceeded $1 billion in annualized revenue, indicating its projected revenue over a 12-month period.
Ramp currently provides solutions for corporate expense management. Although it leverages AI to automate approvals and processes through agentic offerings, it primarily functions as a corporate expense management provider. Its services include corporate credit cards, expense management/purchase order software, and corporate travel solutions. The company reports having over 50,000 customers.
