Ramp said on Wednesday a late-stage funding round led by investment firm ICONIQ valued the fintech at $22.5 billion, as it aims to accelerate its AI agent rollout with the fresh capital.
The fintech sector is showing early signs of a rebound with a string of late-stage deals and exits after a years-long funding slump.
New York-based Ramp, which offers corporate cards, payment services and expense management applications, was last valued at $16 billion after it raised $200 million at a Series E funding round in June.
The company raised $500 million in the latest Series E-2 round, taking its total equity financing to $1.9 billion. The round saw participation from venture capital firms such as Founders Fund, GIC, Coatue, Thrive Capital and General Catalyst.
Founded in 2019, Ramp enables tens of billions in purchases annually. It caters to more than 40,000 companies, including commercial real estate firm CBRE and defense technology company Anduril.
Earlier this month, the company had launched its first autonomous artificial intelligence agents, which help clients in flagging fraud, updating policies as well as reviewing and approving transactions.
“We’re focused on ensuring our only constraint is the scale of our ambition,” Ramp Chief Financial Officer Will Petrie said.
The company said it began generating cash flow earlier this year.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)