Corporate spend platform Ramp raised a $750 million Series F primary financing round, driving its valuation to $44 billion. The round was led by ICONIQ, GIC, and Ontario Teachers' Pension Plan, alongside new backers including Goldman Sachs Alternatives and Morgan Stanley Investment Management. This massive cash injection underlines a critical operational shift for scaling companies navigating the infrastructure costs of the artificial intelligence boom. Ramp intends to deploy the capital to expand features capable of tracking corporate AI token usage, which has quickly emerged as a major unmanaged operational expense.
The startup expanded its total purchase volume by approximately 170% year-over-year in March 2026, registering its highest growth rate in three years. This volume expansion follows the recent rollout of more than 70 products and features, including Ramp Stack, a dedicated operating system targeting accounting firms, and specialized tools for tracking token spend. According to data published by PR Newswire, the median Ramp customer saved 50% more dollars and 32% more hours annually as of May 2026. The company also closed two international acquisitions, Billhop and Juno, ahead of a planned geographical push into the UK and European corporate markets.
To support autonomous operations, Ramp deepened a multi-year partnership with Visa to allow AI agents to complete corporate transactions under real-time controls. Internally, the company heavily relies on its own proprietary automation tools, utilizing an internal software ecosystem called Inspect to write over two-thirds of its production code. For chief financial officers trying to adjust to shifting technology budgets, the rise of unmonitored software dependencies requires updated corporate infrastructure. As Ramp co-founder and CEO Eric Glyman stated, "In the last 24 months, a third arrived, intelligence, paid by the token and invisible to every system we've built to manage cost."
