- Iconiq led the Series E round, and Founders Fund D1 Capital Partners participated.
- The capital raised will go towards expanding the team, and developing AI agents.
- Ramp generates revenue of hundreds of millions dollars and serves more than 40,000 businesses.
Fintech startup Ramp – which automates corporate finance – announced it had raised $500m in Series E. The company’s value was $22,5 billion during the transaction. Iconiq Fund, along with Founders Fund, D1 Capital Partners and other investors, was the largest investor in this round.
Ramp’s CEO and founder Eric Gleiman stated that the funds will be used to hire engineers, product specialists and promote AI agents. He said that such solutions already help companies automate their routine processes from expense reports and purchasing records.
Since its July launch, the startup claims that thousands of users have tested its AI agent, including Quora where it replaces an entry-level account who checks employee expenditure against corporate policies.
Ramp analyzes Gmail data, forecasts, and clarifies any information to employees via SMS if needed. It automatically codes expenses and checks if they comply with corporate policies. This increases the efficiency of finance departments.
Ramp was founded in 2019. It serves more than 40,000 businesses, including Fortune 100 companies. In March 2025 the startup will have a revenue of $700 million and became cash flow positive.
Ramp, despite these numbers, will still have to compete against giants such as Brex, SAP and American Express who are all actively using AI agents. According to experts, many CFOs still doubt the value of these solutions, so the startup must prove its reliability in order to justify their investment.
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