Ramp hits $22.5B valuation just 45 days after reaching $16B

In an impressive move for the expense management sector, Ramp has announced a significant $500 million funding round, pushing its valuation to an astounding $22.5 billion. This announcement was made by Eric Glyman, the co-founder and CEO of the startup, on Wednesday. Leading the latest investment round was Iconiq Growth, complemented by contributions from Founders Fund and D1 Capital Partners. This new valuation marks a remarkable increase from the $16 billion valuation achieved just 45 days ago, following a $200 million raise in June. Prior to that, Ramp had a valuation of $13 billion announced in March. In his blog post, Glyman outlined an ambitious vision for the future of finance, envisioning a landscape dominated by AI-driven "autonomous finance" by 2028. As part of this vision, Ramp has already launched its first AI agent and has plans to introduce additional agents soon. To date, Ramp has successfully raised a total of $1.9 billion and has reached a cash-flow positive status earlier this year, as reported by TechCrunch. Glyman previously indicated that Ramp has achieved an annualized revenue of $700 million, currently serving a customer base of approximately 40,000.