Ramp raised $750 million in Series F funding at a $44 billion valuation, placing the corporate spend management company among the world's most valuable private fintech firms. The round was led by ICONIQ, GIC, and the Ontario Teachers' Pension Plan, with new backing from Goldman Sachs Alternatives, D. E. Shaw & Co., and Morgan Stanley Investment Management. Existing investors including Founders Fund, Lightspeed Venture Partners, and Thrive Capital also participated. Ramp is using the funding to build AI token spend management features that let companies track, forecast, and cap model-related expenses, addressing a new category of business spending created by artificial intelligence usage billed by token, model call, or automated agent activity. The rapid adoption of generative AI has created a third major corporate cost line alongside payroll and third-party vendors, with token-based usage spreading across teams before procurement teams have full visibility of what is being used.
ICONIQ, GIC, and Ontario Teachers' Pension Plan Lead $750 Million Series F Round
The Series F round was led by ICONIQ, GIC, and the Ontario Teachers' Pension Plan. New investors include Goldman Sachs Alternatives, D. E. Shaw & Co., and Morgan Stanley Investment Management. Existing investors Founders Fund, Lightspeed Venture Partners, and Thrive Capital participated in the round. The $44 billion valuation places Ramp among the world's most valuable private fintech firms.
Ramp Builds AI Token Spend Management Features to Track Model-Related Expenses
Large language models and autonomous AI agents are billed based on usage, with costs changing daily depending on prompts, workflows, data volume, software integrations, and automated tasks. In companies with broad AI adoption, usage can spread across engineering, customer support, sales, finance, legal, and operations without the same controls that exist for conventional vendor contracts. A team may adopt an AI tool to speed up one workflow, while automated agents trigger additional usage in the background, causing bills to grow before managers understand which tasks are driving the spend. Older expense platforms and accounting tools are not designed to detect these usage patterns in real time. Ramp is using the new funding to build AI token spend management features that let companies track, forecast, and cap model-related expenses, giving finance teams the same type of control over AI usage that they already expect for travel, software subscriptions, procurement, and card spend.
Ramp Reports $1 Billion Run Rate and 170% Year-Over-Year Payment Volume Growth
Ramp has crossed a $1 billion run rate and is generating positive free cash flow. As of March 2026, Ramp reported 170% year-over-year growth in total payment volume, its fastest growth rate in 3 years. The company handles more than $200 billion in annualized purchase volume across more than 70,000 customers. Ramp recently launched Stack, an AI-driven operating system built for accounting firms, giving Ramp access to external accounting practices that manage finance work for multiple clients. The company has introduced autonomous AI agents for procurement requests, real-time budget tracking, monthly close, and reconciliation, designed to reduce manual finance work while giving businesses tighter controls over approvals, reporting, and spend behavior.
Ramp Achieves 99.5% Internal AI Adoption and Acquires Billhop and Juno
Ramp reports 99.5% internal AI adoption among employees. Its proprietary software development tool, Inspect, writes more than two-thirds of Ramp's code base. Ramp acquired Billhop, a UK and EU payments provider, and Juno, a guest travel platform, to broaden its reach across payments and travel. Ramp has deepened a multi-year partnership with Visa to allow autonomous AI agents to execute corporate payments within real-time risk controls.
FAQ
What did Ramp raise in its Series F funding round?
Ramp raised $750 million in Series F funding at a $44 billion valuation. The round was led by ICONIQ, GIC, and the Ontario Teachers' Pension Plan, with new backing from Goldman Sachs Alternatives, D. E. Shaw & Co., and Morgan Stanley Investment Management.
How is Ramp using the Series F funding?
Ramp is using the funding to build AI token spend management features that let companies track, forecast, and cap model-related expenses. The company is also supporting international expansion after its acquisitions of Billhop, a UK and EU payments provider, and Juno, a guest travel platform.
What growth metrics did Ramp report as of March 2026?
As of March 2026, Ramp reported 170% year-over-year growth in total payment volume, its fastest growth rate in 3 years. The company has crossed a $1 billion run rate, is generating positive free cash flow, and handles more than $200 billion in annualized purchase volume across more than 70,000 customers.
