Financial operations platform Ramp has raised $750 million in a primary Series F financing round co-led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, propelling the company’s valuation to $44 billion. Supported by high-profile institutional backers including Goldman Sachs Alternatives and Morgan Stanley Investment Management, this latest injection brings Ramp’s total equity financing past $3 billion and marks a major milestone following its achievement of $1 billion in annualized revenue and positive free cash flow. In March 2026, the company recorded its highest growth rate in three years, boosting total purchase volume by approximately 170% year-over-year. This rapid expansion is underpinned by a massive push into AI infrastructure, notably through the rollouts of “Ramp Stack” for accounting firms and dedicated tools built to manage AI token consumption.
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Explaining this shift, Eric Glyman, co-founder and CEO of Ramp, stated: “For 500 years, business ran on two pillars of spend: people and vendors. In the last 24 months, a third arrived – intelligence, paid by the token and invisible to every system we’ve built to manage cost. Ramp is the infrastructure for the third pillar.” Beyond token tracking, the platform has integrated autonomous procurement and accounting agents, expanded its European footprint via the acquisition of Billhop, and deepened its partnership with Visa to facilitate real-time automated corporate payments. Operating as a comprehensive suite used by over 70,000 businesses, Ramp is positioning itself to lead corporate finance through the largest structural transition since the emergence of the spreadsheet.
