Ramp is negotiating a new funding round that would value the company at $60 billion, according to people familiar with the discussions. If the round closes at that number, it would mark a 36% jump from the $44 billion valuation the New York fintech achieved just months ago.
For context, Ramp was valued at $13 billion as recently as March 2025. Getting from there to $60 billion in roughly 18 months is the kind of trajectory that makes venture investors stop scrolling.
How Ramp got here
The company closed a $750 million Series F on June 4, 2026, bringing its total equity raised to approximately $3 billion. That round drew in institutional heavyweights including ICONIQ Capital, GIC, and Ontario Teachers’ Pension Plan.
The business underneath the valuation is real. Ramp surpassed $1 billion in annualized revenue as of September 2025, with some estimates putting the current run rate closer to $1.5 billion. The company also reported transaction volume growth of more than 170% year-over-year in early 2026.
Its customer base has grown past 70,000, and the company claims its platform has helped customers save over $12 billion and 27 million hours of administrative work.
Ramp also describes itself as free cash flow positive, which, at a $60 billion valuation, is a meaningful distinction.
AI is doing the heavy lifting on valuation
Ramp started in 2019 as a corporate card aimed at startups, essentially pitching itself as a smarter alternative to legacy expense tools. Since then, it has expanded into bill payment, accounting automation, and AI-powered procurement features.
The AI angle is central to the current funding conversation. Ramp has leaned into artificial intelligence not as a marketing tag but as actual product infrastructure, building tools that automate expense categorization, flag anomalous spending, and manage the cost of AI model usage for enterprise clients. As companies spend more on large language model API calls and AI workloads, tracking and controlling those costs has become a genuine operational headache, and Ramp is positioning itself as the solution to that problem.
Secondary market activity tells a slightly more cautious story. As of early September 2026, trades on secondary platforms were pricing Ramp shares at a valuation closer to $46 billion, roughly in line with the June Series F price.
What comes after funding
Ramp founder Eric Glyman has been direct about the company’s endgame: an IPO, not a sale.
Ramp’s current metrics check most of those boxes. Revenue above $1 billion, triple-digit transaction volume growth, and positive free cash flow are the kind of numbers that make an S-1 filing look plausible rather than aspirational.