Financial operations platform Ramp announced on November 17 that it successfully raised $300 million in a primary financing round alongside an employee tender offer, bringing its valuation to an impressive $32 billion.
This latest funding milestone marks a significant increase from earlier this year when Ramp was valued at $13 billion in March, following a secondary sale to employees and early investors. The company’s valuation surged to $16 billion in June after securing $200 million during a Series E financing round and reached $22.5 billion in July following a $500 million Series E-2 round.
The recent spike in Ramp’s valuation closely follows the rollout of its artificial intelligence (AI) agents. The company launched its “Agents for Controllers” in July and introduced “Agents for AP” in October. During October alone, Ramp’s AI systems made more than 26 million decisions, managing over $10 billion in spending. Noteworthy achievements include the policy agent’s prevention of 511,000 out-of-policy transactions, which saved customers an estimated $290 million, and its treasury agent’s effective management of $5.5 billion from idle cash into lucrative investments yielding 4%. Additionally, Ramp’s fraud agent successfully blocked a $49,000 fake invoice, while its travel agent helped a customer save $113 on an upcoming trip.
As of November 1, Ramp’s customer base has expanded to over 50,000, doubling from the previous year, and facilitating an impressive annualized purchase volume exceeding $100 billion. Co-founder and CEO Eric Glyman stated, “Our goal is to make every customer more profitable.” He reported that, on average, companies that transition to Ramp experience a 5% reduction in spending and a 12% acceleration in growth—outperforming most industry benchmarks.
In a recent blog post, Glyman emphasized the efficiency gains that companies achieve when they utilize AI to automate various financial tasks, stating that clients are able to close their financial books in days rather than weeks, streamline their teams, and increase operational efficiency quarter after quarter. The success of Ramp’s offerings showcases a growing trend towards leveraging AI to enhance financial operations and drive profitability for businesses.