New York, May 11, 2026, 09:06 EDT
According to people familiar with the situation, Ramp is in talks to raise $750 million at a valuation topping $40 billion before the fresh capital comes in, the Wall Street Journal reported. GIC and Iconiq Capital, both existing investors, are expected to co-lead the round, which hasn’t closed yet, the report noted.
The proposed price on the table would push Ramp’s value up by at least 25% from its $32 billion mark last November. That’s just the “pre-money” figure—what investors think Ramp is worth before any new money goes in. If this deal closes, the eventual valuation could come in even higher. PYMNTS.com
The data points to private capital still targeting fintechs touting fast revenue gains, big enterprise uptake, and AI-driven financial automation. Ramp, for one, put its annualized revenue above $1 billion as of November—a 12-month run-rate figure, not audited yearly sales—and counted over 50,000 customers.
Ramp was launched in 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee, making its initial mark with corporate cards and expense software. The company’s reach has since widened—now covering procurement, travel booking, bill pay, treasury management, and accounting automation—as it transitions from a card-focused offering to a more comprehensive finance operations platform.
AI is front and center at the company. Ramp rolled out its AI agents for procurement on April 29, touting features like automated triage for employee purchase requests, vendor sourcing, contract review, and compliance checks. “The tools companies use to buy haven’t kept pace with the speed or sophistication of what they’re buying,” said Geoff Charles, Ramp’s chief product officer, in the company’s statement. PR Newswire
Ramp’s ascent has outpaced the typical late-stage startup trajectory. Back in July, Reuters reported that Ramp landed $500 million at a $22.5 billion valuation—Iconiq led the round—just a month after the company was pegged at $16 billion. Then in November, Ramp went on to announce its $32 billion round.
Michael Ashley Schulman, chief investment officer at Running Point Capital, described Ramp’s rapid jump in valuation to Reuters as “another indicator that the fintech ice age has thawed.” That’s particularly true, he noted, for firms “already printing cash” and selling AI-driven products tailored to finance chiefs. “Pair positive cash flow with a credible AI story and your valuation can ramp fast,” he said. Reuters
Glyman is positioning Ramp’s pitch on cutting down bloat in corporate spending. “Our goal is to make every customer more profitable,” he said in Ramp’s November release. According to the company’s internal data, customers who move to Ramp typically spend less and see faster growth. PR Newswire
If Ramp manages to close the funding, it would have extra firepower to target bigger enterprise clients and hold its ground in a competitive space. The company faces rivals like Brex and Stripe on the payments and expense side, plus established names such as American Express and SAP with deep roots in corporate finance teams.
The deal remains unresolved. TechCrunch reported that terms are still in flux, and Ramp wouldn’t comment. That lofty private valuation? It doesn’t leave much room if growth stumbles, customers don’t see promised AI savings, or large rivals start squeezing prices.
Right now, those fundraising discussions show investors remain ready to put a premium on a fintech pitching smoother operations for finance departments. The bigger challenge kicks in after that higher valuation—demonstrating the software can continue removing friction from corporate spend, without piling on new risk or headaches.
