Ramp Reaches $32 Billion Valuation, Doubling Revenue and Customers in Past Year

Ramp, the leading financial operations platform, is now valued at $32B following a $300 million primary financing round and an employee tender offer. Lightspeed Venture Partners led the financing, with continued support from existing investors including: Founders Fund, D1 Capital Partners, Coatue, GIC, Avenir Growth, Thrive Capital, Sutter Hill Ventures, T. Rowe Price, Khosla Ventures, ICONIQ, Glade Brook Capital Partners, Soma Capital, Emerson Collective, 8VC, Lux Capital, Definition Capital, 137 Ventures, General Catalyst, Box Group, Kultura Capital, Pinegrove Venture Partners, Anti Fund, and Stripes. New investors in the company include: Alpha Wave Global, Bessemer Venture Partners, Robinhood Ventures, 1789 Capital, Epicenter Capital, and Coral Capital.

To date Ramp has saved customers over $10 billion and 27.5 million hours. These savings come from efficiencies driven within the finance function as well as across companies as a whole. In the past three months alone, Ramp has doubled the percentage of zero-touch transactions for employees — saving massive amounts of time for every individual and function.

In July, Ramp released its first agent: Agents for Controllers. In October, Ramp expanded agentic workflows with Agents for AP.

In October, Ramp’s AI made 26,146,619 decisions across over $10 billion in spend. Customers of every size are experiencing tangible benefits, including:

• Our policy agent prevented 511,157 out-of-policy transactions, saving $290,981,801
• Our treasury agent moved $5.5 million from idle cash to 4% investments
• Our fraud agent blocked a $49,000 AI-generated fake invoice
• Our travel agent saved $113.34 for a customer on his upcoming trip

“I don’t want anyone at Sierra spending time on expense reports or invoices,” said Bret Taylor, Co-Founder and CEO of Sierra and Chairman of OpenAI. “Ramp’s AI has automated entire categories of work that used to slow us down. Because of Ramp, we now have more time to focus on what actually matters, building great products and growing the business.”

Key Company Stats as of Nov 1, 2025

• Generating over $1 billion in annualized revenue and producing free cash flow.
• Serving over 50,000 customers, doubling year-over-year, including CBRE, Shopify, Anduril, Figma, Notion, Cursor, The Chicago Blackhawks, The University of Tennessee, and Vercel.
• Enabling more than $100 billion in annualized purchase volume.*
• Grew enterprise customer base by 133% year-over-year, with over 2,200 customers contributing $100,000 or more in annualized revenue.
• The majority of Ramp’s customers use two or more products across Ramp’s platform.

With this round, Ramp has raised $2.3 billion in total equity financing.

“Our goal is to make every customer more profitable,” said Eric Glyman, co-founder and CEO of Ramp. “On average, companies that switch to Ramp spend 5% less and grow 12% faster – results that outpace nearly every benchmark. The most disciplined and fastest-growing teams choose Ramp because it helps them scale more efficiently. We are working hard to bring that advantage to every business.”

What follows is a letter Eric Glyman, co-founder and CEO of Ramp, shared with customers here.

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