Ramp raises $750M Series F

ICONIQ, GIC and Ontario Teachers' Pension Plan led the round at a $44 billion valuation. New backers include Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners and BroadLight Capital. Total equity raised now exceeds $3 billion, and the company says the money will go toward AI features for customers. The prior round, $300 million in November 2025, valued it at $32 billion. Ramp reports more than $1 billion in annualized revenue and positive free cash flow. It processes over $200 billion in annualized purchase volume. Volume grew about 170% year over year in March 2026, the fastest pace in three years despite a business roughly 20 times larger. The company points to new AI categories such as token spend management, plus Stack, its offering for accounting firms. Some analysts call the price rich, noting Brex sold to Capital One at $5.15 billion. For AI founders, the signal is that model and API spending has become a distinct corporate cost line that finance platforms now compete to control. Startups selling usage-priced products should expect buyers to scrutinize token bills through tools like this. It also suggests a new channel: integrations with spend platforms that sit in front of customers' AI budgets.