Singapore sovereign wealth fund GIC has co-anchored a $750 million Series F funding round for fintech startup Ramp, valuing the company at $44 billion. The round was co-led by Ontario Teachers’ Pension Plan and included participation from new investors such as Goldman Sachs Alternatives, DE Shaw, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital.Existing investors like Founders Fund, Lightspeed Venture Partners, Thrive Capital, Coatue, and General Catalyst also contributed. This latest funding round brings Ramp’s total equity funding to over $3 billion.GIC has invested in Ramp eight times since its initial backing, with Vinay Yarlagadda, managing director in GIC’s technology investment group, noting that Ramp has consistently exceeded expectations.Founded in 2019, Ramp offers corporate cards, expense management, procurement, and accounting software, and has recently expanded its services to manage AI-related costs, including spending on tokens for large language models and AI applications.CEO Eric Glyman highlighted that the adoption of AI tools is driving a structural shift in finance operations, creating demand for new financial infrastructure.As of June 1, Ramp reported over $1 billion in annualised revenue and positive free cash flow, serving more than 70,000 customers, including major firms like Uber, Shopify, and Visa.The company processes approximately $200 billion in annualised purchase volume, with transaction volume growing by about 170% year-on-year in March, marking its fastest growth rate in three years.Over the past year, Ramp has launched more than 70 new products and features, acquired UK payments platform Billhop and travel-management startup Juno, and announced plans for expansion into the UK and European markets.Glyman stated that for centuries, business spending has relied on two pillars: people and vendors, with intelligence now emerging as a third pillar, positioning Ramp as the infrastructure for this evolution.
