Corporate spend management platform Ramp said on June 4 it has raised $750 million at a $44 billion valuation in a Series F led by ICONIQ, GIC and Ontario Teachers' Pension Plan, nearly tripling its valuation within a year and locking in one of the largest fintech rounds of 2026.
Investors line up for an AI-first spend platform
The round brought in a deep new bench — Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners and BroadLight Capital — alongside returning backers. CEO Eric Glyman said Ramp is now operating at more than $1 billion in annualized revenue, with Bloomberg reporting a run rate above $1.5 billion. The company is free-cash-flow positive and has crossed 70,000 customers, up from 50,000 last November, including Visa, Uber, Shopify, Anduril and Figma.
The AI agent and AI token spend pivot
Ramp has rebuilt its product around AI agents — embedded across procurement, expense management, accounting and budgeting — and launched a corporate credit card specifically for AI agents to use. In a 5,000-word "third pillar" memo accompanying the raise, Glyman said Ramp is building tools to help businesses monitor AI token usage across providers and to enable agents to make payments on customers' behalf. The pitch lands amid sharp customer pain: Uber recently capped AI tool spending at $1,500 per employee after blowing through its 2026 AI budget in four months, and GitHub Copilot's new token-based billing has drawn fierce blowback from developers.
Public markets in view, competitive heat from Brex and Rippling
Glyman told Bloomberg that Ramp has its sights on an eventual IPO. Total fundraising has now passed $3 billion. Rival Brex was acquired by Capital One earlier this year for $5.15 billion in a cash-and-stock deal — a steep discount to its 2021 peak — while Rippling has continued to expand into spend management alongside HR, IT and payroll. Ramp's AI-first repositioning, taken together with the Anthropic IPO filing and a fresh wave of agent-economy plumbing, helps explain why fintechs with an AI story are commanding the highest premiums.
The Series F follows a string of 2026 megarounds we have covered, from Anthropic's confidential IPO filing to Flourish's $500M Bezos-backed brain-inspired model round, and lands in the same week as Lovable's Google Cloud enterprise deal.
Reporting based on coverage from TechCrunch, Bloomberg, Axios, PR Newswire and Crunchbase News.