TL;DR
Ramp raised $750 million in a Series F led by ICONIQ, GIC, and Ontario Teachers’ at a $44 billion valuation. The spend management platform is expanding into AI token cost management and accounting, with revenue past $1 billion and 170% TPV growth.
Two years ago, Ramp was a $7.65 billion corporate card company. On Wednesday, it announced a $750 million Series F that values it at $44 billion, a nearly six-fold increase that makes it one of the most valuable private fintech companies in the world.
The round was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, with new investors including Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. It brings Ramp’s total equity financing to more than $3 billion.
The growth numbers #
The valuation rests on a business that has moved well past its startup phase. Ramp says it has surpassed $1 billion in annualised revenue and is generating positive free cash flow. Total payment volume grew approximately 170% year on year in March 2026, which the company says is its highest growth rate in three years despite the business being roughly 20 times larger than when it last hit that pace.
The platform now processes more than $100 billion in purchases annually and serves more than 50,000 customers, according to TNW’s earlier reporting. It has also expanded internationally, acquiring Stockholm-based Billhop to launch corporate cards and finance tools in the UK and EU.
Token spend as the third pillar #
What distinguishes this round from a straightforward growth story is Ramp’s thesis about a new category of corporate spending. The company argues that AI token consumption is becoming the third major cost centre for businesses, after people and software, and that existing finance tools are blind to it.
The timing is hard to argue with. Uber burned through its entire 2026 AI coding budget in four months. Walmart capped its internal AI assistant. Companies across the industry are discovering that AI usage, priced per token and often invisible to procurement teams, can spiral without anyone noticing until the invoice arrives.
Ramp is positioning its platform to bring the same visibility and control to token spending that it already provides for corporate cards, travel, and vendor payments. Whether this category becomes as large as traditional spend management remains to be seen, but the pain point is real and the competition is thin.
Stack and the accounting play #
The round also funds Ramp’s expansion into accounting through Stack, a product that targets accounting firms directly. It is the first time Ramp has sold into this market, and it represents a shift from serving finance teams inside companies to serving the firms that advise them.
The move makes strategic sense. Accounting firms influence purchasing decisions across thousands of clients, making them a distribution channel as much as a customer segment. If Ramp can embed itself in the workflow of a mid-market accounting practice, it gains access to that practice’s entire client base.
The valuation ladder #
Ramp’s ascent has been unusually rapid even by fintech standards. It was valued at $7.65 billion in April 2024, $13 billion in March 2025, $22.5 billion in August and $32 billion in November of the same year. The $44 billion figure represents a 38% increase in roughly six months.
The trajectory invites the obvious question: is this a business growing into its valuation, or a valuation growing ahead of the business? At $1 billion in revenue, Ramp trades at a 44x revenue multiple, rich by any measure, though not unusual for a market in which AI-adjacent companies command premium multiples.
Ramp’s competitive position has strengthened considerably. In a fintech market where former rival Brex agreed to sell to Capital One for $5.15 billion, less than half its peak valuation, Ramp is effectively the dominant independent spend management platform in the US. The question is no longer whether the company can grow. It is whether the market it is building, one that treats AI tokens as seriously as travel expenses, will be as large as the valuation implies.