Ramp Raises $750M at $44B Valuation, Led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan

Ramp said on Thursday it raised $750 million in a new funding round at a $44 billion valuation, nearly tripling its value in a year.

“Ramp, the American startup, joins the very exclusive club of global unicorns—these young companies valued at more than a billion dollars”

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TechCrunch said the round was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, with investments from Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital.

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Ramp reported annualized revenue of more than $1 billion with positive free cash flow, and more than 70,000 customers as of June 1, 2026.

The company positioned its growth around AI token spend tools, with CEO Eric Glyman framing AI, paid by the token, as a new third pillar of business spend alongside people and vendors.

TechCrunch also said Ramp has built an AI story around itself, offering AI agents within its procurement, expense management, accounting, budgeting, and other products.

The Economic Times reported Ramp’s valuation rose to $44 billion from $32 billion in November, and said the deal was led by ICONIQ, GIC, and Ontario Teachers' Pension Plan with backing from Goldman Sachs Alternatives, D.E. Shaw and Morgan Stanley Investment Management.

Ramp said more than 70,000 organizations use its platform and have saved more than $12 billion and 27 million hours, and it reported that the median customer saved 50% more money and 32% more time annually in May 2026 than a year earlier.

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In a statement, Eric Glyman said, "We're growing as fast as we were three years ago, at roughly twenty times the size, and that's because finance is going through the biggest structural change since the spreadsheet."

TechCrunch added that Ramp has expanded beyond expense management to include payments, fraud detection, procurement, vendor management, and even accounting.

The Tech Buzz said Ramp is a New York-based startup that closed a $750 million funding round at a $44 billion valuation, marking a near-tripling of its worth in roughly 12 months.

Ramp’s product push centers on tools that track and cap AI token spending, which Ramp argues is becoming a major corporate cost center after people and vendors.

“Founded in 2020 by John Banner, RESPAID (https://www”

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The New Stack described Ramp’s approach as combining billing data with usage data and integrating directly with providers such as OpenAI and Anthropic, as well as model gateways like OpenRouter, to track consumption across teams and projects and to set budgets and caps.

TechCrunch said Ramp launched a corporate credit card specifically for AI agents to use, and it also said the company is betting that helping companies measure and control those costs will open up a new revenue stream.

Bloomberg cited Glyman as saying Ramp has its sights on eventually going public, though he didn’t say when, while TechCrunch said the company has now raised more than $3 billion in total.

In parallel, TechCrunch noted that Uber set a cap of $1,500 per employee for using AI tools after the company spent its entire AI budget for 2026 in just four months.