New York-based financial operations platform Ramp announced Monday it raised $300 million in a funding round led by Lightspeed Venture Partners, pushing its valuation to $32 billion.
This represents a 42% increase from its $22.5 billion valuation achieved just three months ago in August 2025.
The announcement marks the company's fourth financing round this year, catapulting its worth from $13 billion in March to $32 billion in November.
The startup, founded in 2019, has now raised $2.3 billion in total equity financing since inception. Half of the new $300 million will support employee liquidity through a tender offer, rewarding team members who helped build the company into one of the fastest-growing fintech platforms.
Ramp now generates over $1 billion in annualized revenue while maintaining positive free cash flow, a rare achievement among high-growth startups.
How Did Ramp Achieve Such Explosive Growth
Ramp's meteoric rise stems from its ability to double both revenue and customer count within a single year. The platform now serves more than 50,000 customers, up from 25,000 customers in November 2024.
This customer base includes prominent enterprises such as Shopify, CBRE, Anduril, Figma, Notion, and Cursor.
The company's enterprise segment proved particularly strong, growing 133% year over year with more than 2,200 customers contributing at least $100,000 in annual revenue each.
The platform processes more than $100 billion in annualized purchase volume across its customer base. Ramp claims to have saved customers over $10 billion and 27.5 million hours through its AI-powered automation capabilities.
Co-founder and CEO Eric Glyman wrote in a letter to customers that the company's underlying profitability is growing 153% year over year, which he noted is ten times faster each year than the median publicly traded SaaS company.
Did you know?
Ramp's AI system makes over 26 million autonomous financial decisions monthly, processing $10 billion in customer spending and automatically blocking $291 million in out-of-policy transactions while redirecting $5.5 million from idle cash into higher-yielding investments.
What Role Does AI Play in Ramp's Platform
Artificial intelligence forms the backbone of Ramp's competitive advantage in corporate finance automation. In October 2025 alone, Ramp's AI made 26 million decisions across $10 billion in customer spending.
These autonomous systems blocked $291 million in out-of-policy transactions while automatically moving $5.5 million from idle cash into higher-yielding investments.
The platform automates expense categorization, receipt matching, and policy enforcement, eliminating manual work that traditionally consumed finance team hours.
Bret Taylor, co-founder and CEO of Sierra and chairman of OpenAI, highlighted this automation value in the company announcement.
He stated that no one at Sierra spends time on expense reports or invoices because Ramp's AI has automated entire categories of work that used to slow operations down.
Over the past three months, Ramp doubled the percentage of zero-touch transactions for employees, meaning expenses are automatically processed without human intervention.
This automation frees finance teams to focus on strategic decisions rather than clerical tasks like coding transactions or catching policy violations.
How Does Ramp Compare to Rival Brex
Ramp's valuation surge contrasts sharply with its primary competitor, Brex, which peaked at $12.3 billion in 2022 but has since seen its valuation contract.
While Brex launched in 2018 and achieved hypergrowth by offering high-limit corporate cards for startups with no personal guarantee, Ramp entered the market in 2020 with a different strategy.
Ramp positioned itself around cost savings and integrated expense management rather than flashy rewards programs, and despite Brex's head start, Ramp managed to overtake its rival in key metrics within just a few years.
The competitive landscape shows distinct differences in approach between the two platforms. Brex focuses primarily on funded startups and offers a points-based reward system with banking-like features, while Ramp serves startups, mid-sized businesses, and large enterprises with a straightforward 1.5% cash back on all purchases.
Industry analysts note that Ramp excels in real-time expense management and customizable controls, while Brex maintains advantages in high credit limits tied to cash balance.
Both companies charge no annual fees, but their philosophical approaches to corporate finance diverge significantly.
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Who Are Ramp's Major Customers and Investors
Ramp's customer roster reads like a who's who of high-growth technology companies and established enterprises. Shopify, the e-commerce platform giant, relies on Ramp for financial operations, as does commercial real estate services firm CBRE.
Defense technology company Anduril, design platform Figma, productivity software maker Notion, and AI code editor Cursor all utilize Ramp's platform.
The customer base also includes the Chicago Blackhawks, the University of Tennessee, and AI search company Perplexity, demonstrating breadth across industries.
The latest funding round included participation from existing backers Founders Fund, D1 Capital Partners, Coatue, and Thrive Capital.
New investors joining the round include Alpha Wave Global, Bessemer Venture Partners, and Robinhood Ventures.
This investor lineup reflects confidence in Ramp's business model and growth trajectory. The funding comes as global fintech investment showed renewed momentum in 2025, with the sector raising $28.74 billion through the third quarter, already surpassing the full year 2024 total.
Can Ramp Sustain Its Growth Momentum
Ramp's challenge moving forward will be maintaining its explosive growth rate as it scales toward becoming a publicly traded company. The company's profitability metrics suggest a strong foundation, with positive free cash flow rare among startups growing at this pace.
The majority of Ramp's customers now use two or more products across the platform, indicating strong product market fit and expansion potential within existing accounts.
This multi-product adoption creates stickiness that could protect revenue even if new customer acquisition slows.
The competitive moat Ramp built through AI automation may prove durable as finance teams become increasingly dependent on intelligent systems to manage complexity.
As finance operations grow more sophisticated, platforms offering the deepest automation and best policy enforcement stand to capture disproportionate value.
Whether Ramp can continue tripling its valuation annually remains uncertain, but the company positioned itself well in a large addressable market where manual finance processes remain ripe for disruption.
The next twelve months will test whether Ramp's momentum represents a sustainable competitive advantage or a temporary lead in a crowded market.
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