Corporate spend management startup Ramp is launching a new $750 million funding round at a pre-money valuation of over $40 billion. The round is led by existing investors Iconiq Capital and GIC (Singapore sovereign wealth fund).
If completed, Ramp's valuation will have risen over 30% in six months. Last November, the company raised $300 million at a $32 billion valuation. Its annualized revenue surpassed $1 billion as of September.
Beyond traditional corporate cards and bill pay, Ramp is pushing hard on AI automation. It has launched several financial agents that automatically flag suspicious transactions and AI-generated fake receipts.