Ramp in talks to raise $750 million at $40 billion valuation

Ramp, a corporate spend management startup—which provides financial software for managing business expenses—is currently in talks to raise $750 million. According to a report by The Wall Street Journal, the proposed transaction would value the company at a pre-money valuation of more than $40 billion. A pre-money valuation represents the valuation of a company before it receives new investment. Because the discussions are ongoing, the deal is not yet final, and the terms of the transaction could still change.

If completed, this potential transaction would follow a rapid series of fundraising rounds that the company completed throughout 2025, with each round marking a step up in the company’s valuation. These previous rounds include:

• November: Ramp announced a $300 million funding round led by Lightspeed. This round valued the company at a $32 billion post-money valuation—which is the valuation of a company after new investment is added—and included an employee tender offer, a liquidity event allowing employees to sell their shares.
• July: The company announced a $500 million Series E-2 funding round led by Iconiq, which valued the startup at $22.5 billion.
• Series E: Just weeks prior to the July round, Ramp raised a $200 million Series E funding round led by Founders Fund at a $16 billion valuation. A Series E round represents a late-stage funding round for mature startups.

Alongside its fundraising momentum, Ramp has also seen significant revenue growth. Founder and CEO Eric Glyman stated that the company has reached $1 billion in revenue. Glyman has also promoted a vision of integrating artificial intelligence throughout Ramp’s spend management products. This vision features AI agents that would automatically block out-of-policy purchases, detect fraud, and move corporate funds to interest-bearing investments.

Why it matters

Ramp’s potential valuation of more than $40 billion underscores the intense investor appetite for corporate spend management platforms that can demonstrate both rapid revenue growth and AI-driven product utility. The combination of expanding financial software capabilities and automated AI features continues to attract late-stage venture capital.