Ramp (ramp.com), a financial operations platform combining corporate cards, expense management, bill payments and AI agents, has raised $750 million in Series F funding. The round was led by ICONIQ Capital with participation from GIC, Ontario Teachers’ Pension Plan, Goldman Sachs Alternatives and D.E. Shaw. The capital will accelerate development of AI agents for procurement, accounting and spend intelligence.
AI Agents Reshape Corporate Spend
The timing aligns with surging demand for AI-driven finance tools. Ramp previously raised $500 million at a $22.5 billion valuation in 2025. Its approach integrates cards, AP automation and autonomous agents that learn from 70,000 customers, addressing gaps in legacy systems that require manual oversight.
Fragmented Spend Tools Create Inefficiency
Businesses manage spend across multiple disconnected platforms, driving up costs and errors. The business spend management software market stands at $25.98 billion in 2025 and is projected to reach $54.03 billion by 2033. Current solutions often lack real-time AI insights or unified automation across expenses, procurement and accounting.
Full-Stack Platform with Autonomous Agents
Ramp built an integrated system where AI agents handle procurement, invoice processing and token spend tracking. This differs from narrower competitors focused on cards or banking alone. The platform replaces multiple legacy tools with one rewards-driven system that improves over time from customer data.
As Ramp noted in recent announcements:
"For 2000 years, business was built on two pillars. Today, a third: intelligence."
Institutional Capital Validates Growth
ICONIQ Capital led the round alongside sovereign wealth and pension investors. Their focus on high-growth fintech with strong unit economics signals conviction in Ramp’s path to category leadership. Total capital raised now exceeds $3 billion, with annualized revenue surpassing $1.5 billion and positive free cash flow.
Spend Management Market Expands Rapidly
The $25.98 billion market is growing at roughly 12-13% CAGR through 2033. Ramp differentiates through higher cashback, no fees and AI automation that targets SMBs to enterprises. Recent product launches include Ramp Stack, an AI operating system for accounting firms, and procurement agents delivering measurable savings.
Ramp serves 70,000 customers including Visa, Uber and Shopify while expanding into Europe via the Billhop acquisition.