Ramp’s valuation reaches $32 billion, just three months after reaching $22.5 billion

The one area outside of AI where investors are still excited is fintech for expense management, at least if Ramp’s 2025 is anything to judge by. Every few months, Ramp collects another big sum at another huge new valuation. The fintech company announced Monday that it had raised $300 million led by Lightspeed, which also included a tender offer for employees.

This comes just a few months after a $500 million Series E-2 at a $22.5 billion valuation led by Iconiq, Announce On July 30th. That round was a few weeks after a $200 million Series E at a $16 billion valuation led by Founders Fund, Announced in mid-June. That Series E was just three months after a $150 million secondary stock sale at a $13 billion valuation in March.

Prior to 2025, Ramp had previously in April 2024 raised $150 million in Series D funding co-led by Khosla and Founders Fund at a valuation of $7.65.

In Monday’s round, Ramp raised $2.3 billion in total equity funding, the company says. In 2025 alone, the company’s value jumped from $13 billion to $32 billion.

Ramp said in October that its annual revenue surpassed $1 billion, meaning it was on track to hit that amount on a 12-month basis.

Today Ramp offers corporate expense management. While it has a story to tell about AI – automating some approvals and processes across its agent offerings – it is not an AI company per se. It offers corporate credit cards, expense/order management software, and corporate travel. The company says it has exceeded 50,000 customers.