tech
Ramp Raises US$750m to Build Gen AI Infrastructure
Corporate spend management platform Ramp secures a major funding round to scale autonomous financial infrastructure for the Gen AI economy
TL;DR
- Ramp raised US$750 million, valuing the company at US$44 billion, to scale its financial infrastructure for the Gen AI economy.
- Customers are saving 50% more dollars and 32% more hours year-over-year, with savings doubling for full platform users.
- The company launched over 70 products and features recently and acquired Billhop and Juno for European expansion.
- Ramp's Total Payment Volume grew approximately 170% year-over-year, driven by expansion into token spend management and the accounting firm market via its Stack platform.
- The company has over US$1 billion in annualised revenue, 70,000+ customers, and US$200 billion in annualized purchase volume.
- New automated accounting tools include Ramp Stack, Gen AI token spend management, Ramp Budgets, procurement and accounting agents, and Ramp for Startups.
- Ramp is investing in proprietary internal tools like Inspect (software factory) and Glass (AI workspace) to streamline operations.