Singapore sovereign wealth fund GIC has co-anchored the $750 million Series F funding round for fintech startup Ramp, valuing the US-headquartered company at $44 billion, according to an announcement.
The round was also co-led by Ontario Teachers’ Pension Plan and secured backing from new investors, including Goldman Sachs Alternatives, DE Shaw, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital.
Existing backers such as Founders Fund, Lightspeed Venture Partners, Thrive Capital, Coatue and General Catalyst also participated.
The latest round brings Ramp’s total equity funding to more than $3 billion, per the announcement. GIC said it has now invested in Ramp eight times since first backing the company.
“Ramp has consistently outperformed our expectations, resulting in GIC investing eight times in the business to date,” said Vinay Yarlagadda, managing director in GIC’s technology investment group
Ramp, founded in 2019, provides corporate cards, expense management, procurement and accounting software. The company said it has expanded into managing AI-related costs, including spending on tokens used by large language models and AI applications.
Chief Executive Eric Glyman said finance operations are undergoing a structural shift as companies adopt AI tools across their businesses, creating demand for new financial infrastructure.
The company reported more than $1 billion in annualised revenue and positive free cash flow as of June 1.
Ramp serves more than 70,000 customers, including Uber, Shopify and Visa, and processes about $200 billion in annualised purchase volume.
The company said transaction volume grew about 170% year-on-year in March, its fastest growth rate in three years.
Over the past year, Ramp launched more than 70 products and features, completed acquisitions of UK payments platform Billhop and travel-management startup Juno, and announced plans to expand into the UK and European markets.
Eric Glyman, co-founder and CEO of Ramp, said that for about 500 years, business ran on two pillars of spend: people and vendors. Recently, a third arrived: intelligence.
“Ramp is the infrastructure for the third pillar,” Glyman said.
