Expense management fintech remains a rare area of strong investor enthusiasm outside of the AI sector. This trend is clearly demonstrated by Ramp’s fundraising activity in 2025. The company has consistently raised large sums of money at increasing valuations every few months.
Most recently, on Monday, the fintech announced a new three hundred million dollar funding round. This investment was led by Lightspeed Venture Partners and included a tender offer for employees.
This latest round follows a five hundred million dollar Series E-2 round announced on July 30th. That round was led by Iconiq Capital and valued the company at twenty-two and a half billion dollars. Just a few weeks prior, in mid-June, Ramp had closed a two hundred million dollar Series E round. That round was led by Founders Fund and established a sixteen billion dollar valuation.
That Series E itself occurred only three months after a one hundred fifty million dollar secondary share sale in March, which valued the company at thirteen billion dollars. Earlier, in April 2024, Ramp raised a one hundred fifty million dollar Series D. That round was co-led by Khosla Ventures and Founders Fund at a seven point six five billion dollar valuation.
Including Monday’s round, Ramp states it has now raised a total of two point three billion dollars in equity financing. Through its 2025 fundraising, the company’s valuation has surged from thirteen billion dollars to thirty-two billion dollars.
In October, Ramp reported it had surpassed one billion dollars in annualized revenue. This means the company was on a trajectory to achieve that revenue level over a twelve-month period.
Ramp’s core business is corporate expense management. While the company utilizes AI to automate certain approvals and processes, it is not fundamentally an AI company. Its product offerings include corporate credit cards, expense management and purchase order software, and corporate travel services. The company now serves more than fifty thousand customers.