Jul 30, 02:18 PM

Ramp Hits $22.5 Billion Valuation With $500 Million Iconiq-Led Round

Ramp, the New York-based fintech that uses artificial intelligence to automate corporate finance tasks, has raised $500 million in a Series E-2 round led by Iconiq Growth, valuing the six-year-old company at $22.5 billion. Existing backers Founders Fund and D1 Capital Partners joined the financing, while GV came in as a new investor. The deal arrives less than two months after Ramp collected $200 million at a $16 billion valuation and brings its total equity funding to roughly $1.9 billion. Ramp says more than 40,000 businesses now use its platform and that annualized revenue topped $700 million in March. The company recently launched autonomous AI agents designed to handle routine expense reviews and other back-office tasks, and will use the fresh capital to speed product development and market expansion.