Expense Management Startup Ramp Raises $500M in Series E-2 Round

Expense management startup Ramp has secured a $500 million Series E-2 round at a valuation of $22.5 billion. This round follows a recent $200 million raise at a $16 billion valuation. Iconiq Capital led the financing, with participation from existing backers Founders Fund, Khosla Ventures, General Catalyst, Stripe, Citi, Lux Capital, and Sequoia Capital. New backers include Lightspeed Venture Partners, GV, T. Rowe Price, and Operator Collective.

The company's rapid growth and capital raising set it apart in the fintech space. Since its 2019 inception, Ramp has raised a total of $1.9 billion. It boasts over 40,000 customers, including Shopify, Anduril Industries, Notion, and Cursor. Ramp also announced the launch of autonomous AI agents to enhance policy violation detection. CEO Eric Glyman highlighted the company's exponential productivity growth and its plans for further expansion. While specific revenue figures were not disclosed, sources indicated that Ramp crossed $700 million in annualized revenue as of January. 

Ramp primarily generates revenue through interchange fees, transaction fees, SaaS revenue, foreign exchange, and affiliate fees. The latest financing reflects Ramp's continued success and ambitious trajectory in the expense management sector.

Read more about the funding here.