Fintech startup Ramp in talks to raise new funding at $21 billion valuation, up 30% from June financing

Just weeks after raising funds at a $16 billion valuation, Ramp is back at the table—this time eyeing a $21 billion mark. The six-year-old expense management startup is reportedly in talks to raise another $350 million, according to The Information, which cited three sources familiar with the deal. Iconiq, an existing investor, is said to be leading the round.

Back-to-back raises of this size have become common among AI startups riding the hype wave—think Perplexity or Anysphere. But in fintech? Not so much. Ramp’s momentum stands out.

“Ramp, a six-year-old corporate card and expense management startup, is in discussions with investors to raise $350 million at a valuation of about $21 billion with the investment, The Information reported, citing three people with direct knowledge of the fundraising.

Founded in 2019 by Eric Glyman, Gene Lee, and Karim Atiyeh, Ramp began with a simple pitch: help companies save money. What started as a corporate card platform has quietly grown into something much bigger—a financial stack that handles everything from travel and bookkeeping to bill pay and vendor procurement.

The numbers paint the picture: Ramp says it now processes tens of billions of dollars in transactions every year and serves over 40,000 businesses, including big names like Shopify, CBRE, Anduril, and Notion.

Over the past year, Ramp has been pushing further into the enterprise world. In January, it introduced Ramp Treasury, giving businesses a way to earn 2.5% on idle cash. It also snapped up Venue, a procurement startup with AI baked in, and used that to build out its vendor payment tools. Last summer, it even entered travel booking via a partnership with Priceline.

Since the start of 2025, Ramp claims to have shipped 270 product updates, many focused on streamlining financial workflows and adding AI smarts behind the scenes. Still, the company says it’s only reaching about 1.5% of its target U.S. market—so there’s plenty of room left to grow.

In a recent blog post, CEO Eric Glyman offered a glimpse into what keeps him motivated. He pointed to companies like Stripe, SpaceX, and Amazon—bold operators building for the long term.

“We’re building the financial operations platform for your business. Corporate cards, spend management, bill pay, procurement, travel, treasury, accounting automations. Yes, it all might sound quite boring! And that’s precisely why we’re building it,” Glyman wrote.

Then he added, “Ours can fit on a Post-it too: Save your company time and money (without you noticing).”

That kind of understatement seems to be Ramp’s superpower. As CFOs hunt for smarter tools that simplify finance without adding overhead, Ramp is positioning itself as the company that quietly makes all the gears turn.

We first covered Ramp back in 2022 when it raised $750 million. The idea then was to help businesses spend less and operate smarter. Three years later, that pitch hasn’t changed—but the company’s ambitions have.