On Tuesday, Ramp answered any lingering questions as to why investors recently valued the expense management startup at $22.5 billion. This valuation comes just 45 days after a previous funding round valued it at $16 billion. The company says it has achieved $1 billion in annualized revenue.
Annualized revenue refers to a company’s current revenue rate projected over a full year. In March, co-founder and CEO Eric Glyman told TechCrunch that Ramp had hit annualized revenue of $700 million. That represents $300 million of revenue growth in about six months.
Ramp provides corporate expense management and financial software tools. It raised $500 million in the $22.5 billion valuation round in July. The round was led by Iconiq Growth with participation from Founders Fund and D1 Capital Partners. Ramp has now raised $1.9 billion in total funding. When Glyman talked with TechCrunch earlier this year, he said the company was also cash-flow positive.
Next up, Ramp is working on AI agent-led “autonomous finance,” which refers to automated financial management systems. CEO Eric Glyman predicts this will be the norm by 2028. The company recently launched its first AI agent and has plans to launch more.