Ramp raises $500M to bring AI agents to corporate finance, hits $22.5B valuation

Ramp just pulled in half a billion dollars to teach software how to think like a finance team.

The New York-based fintech startup has raised $500 million in a Series E-2 round led by Iconiq, with participation from Founders Fund, D1 Capital, and other existing backers, the company announced Wednesday. The fresh round pushes Ramp’s valuation to $22.5 billion, up from $8.1 billion in 2023.

The Wall Street Journal first broke the news this morning, reporting that “the Series E-2 round, led by Iconiq with participation from existing investors including Founders Fund and D1 Capital Partners, values the startup at $22.5 billion.”

The news comes just a day after The Information reported that the six-year-old corporate card and expense management startup was in talks with investors to raise $350 million at a valuation of about $21 billion.

Ramp plans to use the new capital to hire more engineers, product specialists, and go-to-market staff—most of them focused on building and selling its AI agents. While the company is best known for its corporate credit cards and expense management tools, the pitch has evolved: AI is now front and center.

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.

Ramp doubles down on AI for finance with $500M raise and $22.5B valuation

“The future of corporate finance will be much more automated,” CEO and co-founder Eric Glyman said in an interview. “Functionally, we’re teaching software to think like people.”

The company launched its first AI agent earlier in July. Thousands of customers have already signed on, according to Ramp. The agent’s first job? Checking employee expenses against internal company policies—work typically done by entry-level finance staff.

At Quora, finance manager Richard Gobea said the AI agent now handles that grunt work. “I’m spending my time digging in a little more on the expenses the AI agent is flagging,” he said.

Ramp’s broader goal is to replace repetitive finance tasks with software that thinks and reasons through decisions on its own. The company said its models draw from data sources like Gmail, Google Calendar, transaction histories, and policy documents. The AI doesn’t just log expenses; it predicts and completes them, sends out verification texts when more context is needed, checks against company policy, flags anything odd, and automatically codes the rest.

Glyman said future agents will support procurement teams and help with bookkeeping, and a budgeting agent is already on the way. That new tool will be able to notify financial planning teams when a bill needs approval—before it hits the CFO’s desk.

Ramp now has over 40,000 businesses on its platform, including Fortune 100 companies. That’s up from 15,000 last year. The startup has also started generating cash flow, hitting $700 million in annualized revenue as of March, though it declined to disclose its current numbers.

Behind the scenes, Ramp runs on models from OpenAI, Anthropic, and others. Glyman said these tools are now smart enough to reason through documents and recommend changes based on employee activity—something that used to require hours of manual review.

As finance teams look for ways to move faster without adding headcount, Ramp is betting they’ll be willing to let software do the thinking.