Ramp raises $750M at a $44B valuation

Another company from the Raison portfolio is at the center of major news. On June 4, fintech startup Ramp closed a $750 million Series F round, reaching a $44 billion valuation. It's one of the largest private rounds of the year.

The round's numbers and investors

The company's growth trajectory is striking. Ramp tripled in value in roughly a year and a half:

• Early 2025 — $13–16 billion;
• November 2025 — $32 billion;
• June 2026 — $44 billion.

The round was led by ICONIQ, Singapore's sovereign fund GIC, and the Ontario Teachers' Pension Plan. Goldman Sachs Alternatives, D.E. Shaw, and Morgan Stanley Investment Management joined as new investors, alongside existing backers including Founders Fund, Lightspeed, T. Rowe Price, General Catalyst, and others. In total, Ramp has now raised more than $3 billion in capital.

What Ramp does

Founded in 2019, Ramp started as a corporate card provider but has grown into a full platform for managing business finances: cards, payments, expense control, and accounting automation. Today, more than 50,000 teams use the platform, from family farms and space startups to Fortune 100 companies, which together have saved over $12 billion and 27 million hours.

Annualized revenue has surpassed $1 billion, and the company has reached positive operating cash flow. Investors are paying more than the company's current revenue would justify, betting on continued rapid growth. CEO Eric Glyman confirmed that Ramp is considering going public, though he gave no specific timeline.

What attracts investors

The main driver of interest is the bet on AI in corporate finance. Investors believe artificial intelligence can automate routine work, such as expense reporting, invoice processing, and bookkeeping. That cuts costs and frees up employees' time.

The growing value to clients is telling: according to the company, in May 2026, the average client saved 50% more money and 32% more time than a year earlier. Those who use several of Ramp's products at once double those figures.

Ramp also sees another growth opportunity. Companies are spending more and more on AI tools and want to know whether those costs pay off. Sometimes they spiral out of control: Uber, for example, burned through its entire annual AI budget in four months and had to impose a $1,500-per-employee limit. Ramp plans to help businesses track and control such spending, opening up a new revenue source for itself.

Ramp's new round is yet another confirmation that the market is again ready to make big bets on fast-growing fintech with a clear AI strategy. We're following developments closely and will keep you updated on this asset.

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