Ramp, the artificial intelligence-powered corporate finance platform, has secured $500 million in Series E-2 funding at a $22.5 billion valuation, led by Iconiq Growth with participation from existing investors including Founders Fund and D1 Capital Partners. The New York-based startup serves over 40,000 businesses and reached $700 million in annualized revenue as of March, representing a strategic expansion beyond expense management into procurement automation.
The company’s AI agents currently automate tedious finance tasks like expense compliance and are expanding to help procurement teams manage daily operations and streamline bookkeeping. The platform uses AI models from OpenAI and Anthropic to analyze corporate policy documents and automatically suggest changes based on employee activity patterns. “Functionally, we’re teaching software to think like people,” said Eric Glyman, co-founder and CEO. “The future of corporate finance will be much more automated.”
Since launching its first AI agent in July, thousands of customers have signed up to trial the technology, indicating strong market demand for automated finance and procurement solutions. Richard Gobea, Finance Manager at Quora, exemplifies early adoption: “I’m spending my time digging in a little more on the expenses the AI agent is flagging,” describing how AI automates work typically performed by entry-level accounting staff. The platform predicts and completes employee expenses using transaction data, historical patterns, and contextual information from tools like Gmail and Google Calendar.
Ramp’s growth trajectory has been remarkable since its 2019 founding, expanding from 15,000 customers in 2023 to over 40,000 currently, including several Fortune 100 companies. The company achieved positive cash flow generation earlier this year while competing against established players like SAP and American Express, as well as fintech rivals like Brex. Future versions will include budgeting agents capable of proactively flagging financial planning teams before bills reach the CFO level.
The funding reflects growing investor confidence in AI applications that deliver measurable business outcomes rather than speculative technology implementations. With $1.9 billion in total capital raised, Ramp is positioned to accelerate both product development and market expansion as organizations continue seeking solutions that demonstrably reduce manual work while improving accuracy and compliance.
For procurement and finance teams, Ramp’s evolution signals broader shifts toward AI-augmented operations where professionals focus on strategic analysis and decision-making rather than administrative processing. As AI agents become more sophisticated at handling routine tasks, this represents both an opportunity to enhance operational effectiveness and a need to adapt skill sets toward more strategic, technology-enabled roles.