One area outside of AI where investors are still bullish is expense management fintech, at least if the ramp to 2025 is judged. Every few months, Ramp raises another huge amount at another huge new valuation. On Monday, the fintech announced it had raised $300 million led by Lightspeed, which also included an employee tender offering.
This comes just months after a $500 million Series E-2 led by Iconiq at a $22.5 billion valuation, announced On 30 July. That round was just weeks after a $200M Series E led by Founders Fund at a $16 billion valuation, The announcement was made in mid-June. And that Series E was just three months after a $150 million secondary share sale in March at a $13 billion valuation.
Ahead of 2025, Ramp had raised a $150 million Series D co-led by Khosla and Founders Fund in April 2024 at a valuation of $7.65.
With Monday’s round, Ramp has raised $2.3 billion in total equity financing, it said. And in 2025 alone, the company is set to grow from $13 billion to $32 billion.
In October Ramp said its annual revenue had surpassed $1 billion, meaning it was on track to bring in that much revenue on a trailing 12-month basis.
Ramp offers corporate expense management today. Although it has an AI story to tell – automating certain approvals and processes through agentic offerings – it is not an AI company per se. It offers corporate credit cards, expense management/purchase order software, and corporate travel. The company says that its number of customers has exceeded 50,000.
