Ramp raises $750M Series F at $44B valuation, targeting token spend management and AI

Ramp, a corporate spend-management platform, raised $750 million in Series F funding at a $44 billion valuation, nearly tripling its valuation from $16 billion just 12 months prior. The round was led by ICONIQ, GIC, and Ontario Teachers' Pension Plan, with new investors including Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, and others. Ramp has now raised more than $3 billion total across 15 rounds.

The funding acceleration reflects investor appetite for fintechs with defensible AI playbooks. Ramp's growth engine is a new category: token spend management (tracking and controlling company spending on AI inference APIs), and Ramp Stack, an AI operating system for accounting firms entering the market for the first time. Total purchase volume grew 170% year-over-year in March 2026, Ramp's highest growth rate in three years despite being roughly 20 times larger than three years ago.

For architects, Ramp exemplifies how spend management is becoming a strategic control point in AI deployment. The median customer saved 50% more dollars and 32% more hours per year than a year earlier (full suite users saw >2x). Ramp's partnerships (Visa for autonomous corporate payments, acquisitions of Billhop and Juno) signal that financial operations platforms are consolidating around AI use-case bundles. With Brex acquired by Capital One at a significant discount, Ramp faces weaker competition and a clearer path to IPO.