Ramp hits $22.5B with $500M raise

Ramp, a leading financial operations platform, has raised a massive $500 million in a Series E-2 funding round at a $22.5 billion valuation, marking one of the largest fintech investments of 2025.

The round, led by ICONIQ Growth with participation from previous backers like Founders Fund, D1 Capital Partners, GIC, and several new investors including Google Ventures and Sutter Hill Ventures, comes just 45 days after Ramp’s prior $200 million Series E round, which valued the company at $16 billion.

Founded in 2019, Ramp automates corporate finance through AI-powered tools for expense management, bill payments, procurement, travel booking, and treasury management.

The company’s trajectory has been exceptional, with its valuation soaring from $13 billion in March 2025 to $16 billion in June, and now reaching $22.5 billion. Ramp’s customer base exceeds 40,000 companies—ranging from startups like Notion and Vercel to giants like CBRE and Anduril—handling over $80 billion in annualized purchase volume and having saved clients more than $10 billion and 27.5 million hours to date.

Central to this funding is Ramp’s rapid expansion of its AI capabilities. In July, Ramp launched its first set of autonomous AI finance agents, which automate real-world policy enforcement, fraud detection, and compliance. Early reports indicate these agents catch 15 times more policy violations than traditional methods, and the company is preparing to launch additional AI agents to tackle budgeting, vendor onboarding, and reconciliation tasks in the coming months. The new investment will accelerate hiring in engineering, product, marketing, and sales to further develop and promote these AI-driven tools.

Ramp became cash-flow positive earlier this year—unusual for a fintech in hypergrowth mode—and has now raised $1.9 billion in total equity funding. The company’s strategy, as stated by CEO Eric Glyman, is to capitalize on a unique moment for finance as AI capabilities reshape traditional business operations. With this funding, Ramp aims to lead the transition toward autonomous financial management, freeing up finance teams from manual processes to focus on more strategic work.

In summary:

• Funding: $500 million Series E-2 led by ICONIQ Growth, new and returning blue-chip investors.

• Valuation: Now $22.5 billion, up from $16 billion just 45 days prior and $13 billion in March 2025.

• Product & Growth: Over 40,000 clients, $80 billion in annualized spend managed, $1.9 billion raised to date; positive cash flow achieved.

• AI Innovations: Autonomous agents for finance operations, compliance, procurement, and future FP&A automation.

• Vision: Ramp positions itself as the leader in automating enterprise financial operations through advanced AI, aiming to make finance fully autonomous by 2028.

_{Sources: prnewswire.com, fintechfutures.com, reuters.com, techcrunch.com, banking-gateway.com} 

Why this matters to Alternative Business Lenders?

Reduced Reliance on Lenders

When companies can more accurately forecast cash needs, enforce spending discipline, and accelerate receivables through better workflow automation, there’s a decreased demand for emergency credit or stopgap loans. This shrinks the addressable market for lenders who profit from expensive, high-margin working capital products.

Shifting Value Chains

Alternative lenders whose business models depend on transactional margins, factoring fees, or late payment penalties will face margin pressure if tools like Ramp become ubiquitous. Their competitive advantage erodes as software delivers similar or better results at scale for a lower cost.

New Opportunities

For lenders and banks, platforms like Ramp can also be partners rather than threats. The granular spend data and rich financial telemetry generated by Ramp can unlock superior credit scoring, targeted financing offers, or embedded loan products for customers who actually need capital—not just those suffering from operational inefficiency.

Strategic Positioning

The big opportunity lies for those lenders willing to pivot—by either integrating with Ramp’s API ecosystem, co-developing products, or leveraging its AI analytics to offer more flexible, dynamically priced financing options.

Podcast Video: From Broke To Boss - Multi-Million Dollar Alternative Lender Jay Avigdor

In this video, we sit down with Jay Avigdor, CEO of Velocity Capital Group, who went from having just $17 in his bank account to running a multi-office alternative lending powerhouse.

🔥 What You'll Discover:

The "Need It Don't Want It" Success Formula
- Why Jay believes necessity beats comfort in business success
- How starting broke actually gave him a competitive advantage

Revolutionary AI Technology in Action
- How Velocity analyzes everything from hair color to deposit patterns
- Why their proprietary system achieves 93% accuracy on default predictions
- The future of human-AI collaboration in alternative lending

From Zero to Hero Business Strategy
- Started with a folding table in a spare bedroom
- Scaled to 5 offices in just 12 months
- The exact steps he took to build his lending empire

Industry Insider Secrets
- Why automation doesn't eliminate jobs—it creates better ones
- How to use regulatory changes as competitive advantages
- The truth about alternative lending's "bad reputation"

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