Ramp is having early discussions with investors about raising new funding at a valuation of roughly $60 billion.
The New York-based fintech startup is considering raising $1 billion in primary capital, sources familiar with the matter told Bloomberg. The discussions are ongoing and the terms, including the valuation and size of the funding round, are subject to change, sources noted.
In June, Ramp closed its $750 million Series F funding round, putting the company’s valuation at $44 billion. The new capital was used to further expand its AI-focused product development for customers. Ramp also tied the financing to what it described as a new category of corporate expense: AI usage billed per token.
“For 500 years, business ran on two pillars of spend: people and vendors. In the last 24 months, a third arrived — intelligence, paid by the token and invisible to every system we’ve built to manage cost. Ramp is the infrastructure for the third pillar,” CEO Eric Glyman said.
In the last few months, Ramp has also completed two acquisitions: Billhop for U.K. and EU payments and Juno for guest travel. The company plans to begin serving companies headquartered in the U.K. and Europe this summer.
