Ramp Raises $500 Million Series E at $22.5 Billion Valuation to Accelerate AI Agent Development

The Series E round was led by Iconiq, with participation from Founders Fund and D1 Capital Partners. The new capital will be used to expand the team and develop AI agents. Ramp serves over 40,000 companies and generates hundreds of millions of dollars in revenue. Fintech startup Ramp, which specializes in automating corporate finances, announced that it has raised $500 million in a Series E round. During the deal, the company was valued at $22.5 billion. The Iconiq fund, with participation from Founders Fund and D1 Capital Partners, led the investment round by volume. Ramp CEO and co-founder Eric Gleiman said the funding will go toward hiring engineers and product specialists, as well as promoting AI agents. According to him, such solutions are already helping companies automate routine processes, from expense reports to purchasing records. The startup says it has seen thousands of customers test its AI agent since its launch in July, including Quora, where the solution replaces the work of an entry-level accountant who checks employee expenses against corporate policies. Ramp forecasts and analyzes transactions using Gmail and Google Calendar data and, if necessary, clarifies information with employees via SMS. The system checks expenses for compliance with company policies and automatically codes them, increasing the efficiency of finance departments. Founded in 2019, Ramp serves over 40,000 companies, including several Fortune 100 corporations. The startup reached $700 million in annual revenue in March 2025, and the firm became cash-flow positive earlier this year. Despite these figures, Ramp will have to compete with giants like Brex, SAP, and American Express, which are also actively implementing AI agents. Experts note that for many CFOs, the practical value of such solutions is still questionable, meaning the startup will have to prove their reliability and justify the investment.