Ramp announced on Thursday that it had completed a $750 million funding round, bringing its post-money valuation to $44 billion, nearly tripling from a year ago. The round was led by token issuer NIQ, GIC, and the Ontario Teachers' Pension Plan, with participation from several new and existing investors.

The company's disclosed operating data also showed a corresponding increase. Ramp stated that its annualized revenue has exceeded $1 billion, it is experiencing positive free cash flow, and it has over 70,000 customers. Visa, Uber, Shopify, Anduril, and Figma are all among its clients.

Business expansion

Ramp initially offered expense management tools to startups, later expanding its product line to include payments, fraud prevention, procurement, supplier management, and accounting. The company has also recently touted AI as a selling point, launching AI-powered agents for scenarios such as procurement, expense reimbursement, and budgeting.

AI Narrative Heats Up

In his blog post, CEO Eric Glyman also mentioned that Ramp is helping businesses monitor the use of AI tokens from different vendors and building the infrastructure for AI agents to make payments on behalf of users. The company stated that new growth also includes token spending management-related businesses.

IPO Expectations

Bloomberg, citing Glyman, reported that Ramp plans to go public, but did not provide a timeline. The company also stated that it has raised over $3 billion in total funding.