How Ramp Secured US$500m to Advance AI Finance Automation
Expense management platform Ramp has raised US$500 million in funding just six weeks after its previous round, pushing its valuation to US$22.5 billion. This fresh capital injection will accelerate Ramp’s work on AI-driven financial automation solutions.
The latest round was led by ICONIQ, with participation from Founders Fund and D1 Capital Partners. It follows a US$200 million raise in June that valued the company at US$16 billion. Earlier this year, Ramp’s valuation stood at US$13 billion, reflecting rapid growth in the fintech sector.
Ambitious AI-Driven Vision
CEO Eric Glyman shared in a blog post that Ramp is expanding the scope of its AI capabilities. Initially focused on automating receipt processing, the AI agents now handle filing expenses, booking travel, paying invoices, and closing books. The company plans to use the new funding to accelerate these developments.
Major tech companies like Notion, Webflow, and Quora are already using Ramp’s AI agents for transaction review, approval, and coding workflows. Glyman highlighted the unique moment in finance where AI is transforming money management and emphasized Ramp’s strong engineering and design teams built over the past six years.
Beta Results Show Dramatic Efficiency Gains
Early beta tests reveal teams performing 85% fewer manual reviews, while AI agents detect 15 times more policy violations. Ramp’s system processed 10,000 transactions efficiently during these tests.
Users currently experience triple the productivity compared to two years ago. Ramp targets a 30-fold productivity increase by 2027 through parallel AI agent operations.
Looking further ahead, Glyman envisions specialized AI agents managing distinct finance tasks:
- Expense agents that automatically handle transactions
- Treasury agents optimizing cash positions
- FP&A agents providing real-time forecasting
The recent funding will support Ramp’s ongoing development of these AI tools, focusing on boosting efficiency and cost savings for users.
For finance professionals interested in AI automation tools and training, Complete AI Training offers resources that can help you stay ahead in this evolving space.
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