Ramp closed a $750 million Series F at a $44 billion valuation today. ICONIQ, GIC, and Ontario Teachers' Pension Plan led the round. New investors include Goldman Sachs Alternatives, Morgan Stanley Investment Management, and Insight Partners. Founders Fund, Lightspeed, Thrive Capital, and a handful of others returned.
Numbers behind the raise: ~170% year-over-year TPV growth in March 2026 (Ramp's highest rate in three years, at roughly 20x the size it was then), 70,000+ customers, over $1B in annualized revenue, and $200B in annual purchase volume.
Glyman's thesis for the round is that businesses have managed two cost pillars for centuries: people and vendors. AI spend, billed by the token and largely invisible to finance teams, is a third. Whether you buy that framing or not, the numbers suggest companies are spending on it whether they're tracking it or not.
Product-wise: 70+ features in recent months, acquisitions of Billhop (UK/EU payments) and Juno (guest travel), a deeper Visa partnership for autonomous AI agent payments, and Ramp Stack, a new product for accounting firms.
Ramp is hiring engineers. Check out their open roles on Fonzi.