Ramp’s valuation climbs to $13bn following $150m secondary share sale
US-based financial operations platform Ramp has almost doubled its valuation to $13 billion following a $150 million secondary share sale.
Ramp’s valuation has jumped from $7.65bn to $13bn
The share sale saw participation from new and previous backers including Avenir Growth, General Catalyst, Lux Capital, Khosla Ventures, and Stripes, who purchased secondaries from Ramp employees and early investors.
Ramp’s valuation has been steadily rising in recent years, from $5.8 billion after its $300 million Series D in August 2023, to $7.65 billion following a $150 million Series D-2 round in April 2024, and now jumping to $13 billion.
The announcement follows a successful 2024 for Ramp, with the fintech claiming it now processes over $55 billion in annualised payment volume, up from $10 billion in January 2023.
Co-founder and CEO Eric Glyman attributes this growth to the company’s “focus on customer experience, not financial metrics”.
He highlights in a recent blog post that “while others reduce research and development at scale, we’re accelerating investment: more than 50% of our payroll now goes to our products and the people who build them”. Glyman notes that “this approach delivered 200+ new features and three new product lines in 2024 alone”.
Last year, Ramp doubled its product portfolio from three offerings – corporate cards, expense management, and bill payments – to six, with the addition of procurement, travel booking, and treasury services.
With its latest cash injection, Ramp intends to further invest in product development, particularly focusing on its AI capabilities in 2025.
Glyman elaborates on the firm’s AI-driven vision for finance, writing: “Instead of tracking expenses, AI will manage them for you. Instead of chasing cost savings, AI will surface them automatically. Instead of reconciling transactions, AI will ensure accuracy before mistakes happen.”
