Ramp has secured a valuation of about USD 32 billion after completing a USD 300 million primary funding round alongside an employee tender offer. The latest financing was led by Lightspeed Venture Partners, with participation from a group of existing backers and several new investors. The company has now accumulated roughly USD 2.3 billion in total equity funding.
Over recent months, Ramp has been extending its use of automated finance tools. It introduced its first ‘agent’ for financial controllers in July and later expanded these capabilities in October with tools designed for accounts payable functions.
According to the company, its systems processed more than 26 million automated decisions in October, tied to over USD 10 billion in customer spending. Internal data indicates that policy controls halted a significant number of non-compliant transactions, while separate treasury features shifted idle funds into short-term investments. Fraud monitoring tools also intervened in attempted invoice scams, and travel-related features generated minor cost adjustments for individual users.
Expansion of automation tools
A representative from a major customer commented that the aim within their organisation is to remove manual handling of expenses and invoices, saying the automation offered by the platform has reduced administrative tasks and allowed staff to devote more attention to product development and operational growth.
Ramp reports that its tools have saved clients more than USD 10 billion and tens of millions of work hours since launch, attributing part of the efficiency gains to an increase in so-called ‘zero-touch’ transactions.
Company officials say the business is generating annualised revenue exceeding USD 1 billion and producing positive free cash flow. They add that most customers use multiple products within the platform, and the company now supports over USD 100 billion in annualised purchase volume. Another representative stated that the company’s long-term ambition is to help clients operate more efficiently, noting internal assessments suggesting many firms reduce expenses and speed up growth after adopting the platform.
