OTPP logo

Ramp Raises Series F at $44 Billion Valuation

 · 2 min read

NEW YORK, June 4, 2026 - Today, Ramp announced a $750 million primary financing round led by ICONIQ, GIC, and Ontario Teachers' Pension Plan, valuing the company at $44 billion. New investors include Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. Previous investors who participated are Founders Fund, Lightspeed Venture Partners, D1 Capital Partners, T. Rowe Price, General Catalyst, Alpha Wave Global, 137 Ventures, Thrive Capital, Coatue, Sands Capital, Khosla Ventures, 1789 Capital, Avenir Growth, BoxGroup, 8VC, Pinegrove Venture Partners, Definition Capital, and Stripes.

Ramp grew TPV ~170% year-over-year in March 2026, the company's highest growth rate in three years, despite the business being roughly 20x the size. The growth spans new AI categories like token spend management and, through Stack, accounting firms – a market Ramp is entering for the first time. The round comes as Ramp extends its capabilities into managing the fastest-growing cost in business: tokens.

"For 500 years, business ran on two pillars of spend: people and vendors. In the last 24 months, a third arrived – intelligence, paid by the token and invisible to every system we've built to manage cost. Ramp is the infrastructure for the third pillar," said Eric Glyman, co-founder and CEO of Ramp.

Ramp's mission is to save companies time and money. And in the last year customers have seen more savings than ever before. In May 2026, the median Ramp customer saved 50% more dollars and 32% more hours per year than a year earlier. For customers using the full Ramp suite, those numbers more than double.

These savings are due to the company's focus on shipping products quickly. In the past few months, Ramp released 70+ products and major features, closed two acquisitions — Billhop (UK/EU payments) and Juno (guest travel) — and announced it would start serving companies headquartered in the UK and Europe this summer. Ramp also deepened its multi-year partnership with Visa to enable AI agents to execute autonomous corporate payments with real-time controls.

Recent launches include:

Ramp has invested equally in building internal AI tooling for how it operates. Inspect is an internal software factory that writes more than two-thirds of Ramp's code. Glass gives every employee, from engineering to legal, a fully configured AI workspace, helping the company reach 99.5% AI adoption.

"We're growing as fast as we were three years ago, at roughly twenty times the size," said Glyman. "And that's because finance is going through the biggest structural change since the spreadsheet. Every company needs infrastructure to navigate an AI economy, from a CFO in London to an accounting firm in Wichita. While we're growing fast, we still only serve a fraction of the market. There's a lot more work to do."

Key Company Stats as of June 1, 2026

  • Over $1 billion in annualized revenue, with positive free cash flow.
  • 70,000+ customers, including Visa, Uber, Shopify, Anduril, Figma, Notion, Cursor, Stanford Athletics, and The Boys and Girls Club.
  • $200 billion in annualized purchase volume.*
  • Median customer: 5% savings and 16% revenue growth in their first year.
  • 100%+ year-over-year enterprise growth, with 3,200+ customers at $100,000 or more in annualized revenue.
  • Majority of customers use two or more products across the platform.

With this round, Ramp has raised over $3 billion in total equity financing.

Eric Glyman shared a letter with Ramp customers about this announcement here. 

About Ramp
Ramp is how companies save time and money on every dollar they spend. It's the smart financial infrastructure behind every card swipe, invoice, and reimbursement – streamlining approvals, processing payments, and closing the books automatically. More than 70,000 organizations, from family farms and space startups to the Fortune 100, have saved over $12 billion and 27 million hours with Ramp. For the median customer, that translates to 5% savings on expenses and 16% revenue growth in their first year. Founded in 2019, Ramp powers over $200 billion in purchases annually. Learn more at www.ramp.com.

* Ramp does not include bank transfers or non-monetized payments when calculating Total Purchase Volume.

Contact
press@ramp.com