NEW YORK — Ramp is negotiating a new funding round to secure $750 million at a valuation exceeding $40 billion, according to a report published by The Wall Street Journal. The corporate spend management company is currently engaged in advanced discussions with institutional backers to finalize the transaction, which would establish a new valuation benchmark for the financial technology sector following months of rapid commercial expansion.
The proposed financing builds on extraordinary valuation growth achieved by Ramp over the past 12 months. The startup previously reached a $32 billion valuation in November 2025, following a prior funding sprint where its corporate worth doubled from $16 billion over a span of just 6 months. Furthermore, the firm officially crossed $1 billion in annualized revenue during 2025, demonstrating substantial financial expansion across its primary operational divisions.
Company executives intend to direct the incoming capital toward upgrading automation software and targeting larger enterprise clients. Eric Glyman, Karim Atiyeh, and Gene Lee established Ramp in 2019, initially focusing on corporate cards and basic expense tracking before building out a broader suite of 6 core financial operations tools that now include procurement, travel booking, bill payments, treasury management, and accounting automation.
Within the competitive corporate finance software market, Ramp contends directly with venture-backed fintech firms such as Brex and Stripe. Traditional financial institutions including American Express and SAP also challenge Ramp across 4 major business spend management categories, forcing the growing enterprise to continually enhance its platform capabilities and automation features to protect its market position.
Existing investors GIC and Iconiq Capital are set to co-lead the $750 million financing round, per the reporting by The Wall Street Journal. Representatives for Ramp did not immediately disclose a final closing date for the transaction or detail the exact equity stake that the participating institutional investors will secure upon completion of the agreement.
