Ramp in Talks to Raise $750M at $40B+ Valuation

Ramp, the US corporate spend management platform, is in talks to raise $750 million at a pre-money valuation of more than $40 billion, according to reports citing sources at The Wall Street Journal. The deal is not yet final and terms could still change.

The round would mark another sharp step up for the New York-based fintech, which only six months ago closed financing at a $32 billion post-money valuation. Existing backers Iconiq Capital and GIC are reported to be co-leading the new round.

Ramp's valuation trajectory over the last twelve months has been one of the steepest in private fintech:

• July 2025 - $200 million Series E led by Founders Fund at a $16 billion valuation
• July 2025 - $500 million Series E-2 led by Iconiq at $22.5 billion
• November 2025 - $300 million round led by Lightspeed at a $32 billion post-money valuation
• May 2026 - $750 million in talks at $40 billion+ pre-money

The pitch to investors is built on revenue momentum and an aggressive AI strategy. CEO Eric Glyman announced in November that the company had crossed $1 billion in annualised revenue, roughly double the prior year. Glyman has positioned Ramp as an AI-first finance platform, with agents that block non-compliant purchases, flag fraudulent transactions and sweep idle balances into interest-bearing accounts.

Ramp started life as a corporate card issuer and expense management tool before expanding into procurement, travel booking, bill payments, treasury management and accounting automation. The breadth of the platform is part of what investors are now underwriting, alongside the AI layer being threaded through each module.

The numbers also sharpen the comparison with rival Brex, long seen as Ramp's closest competitor. Brex peaked at a $12.3 billion valuation in early 2022 before its valuation reset, and was subsequently acquired by Capital One for $5.15 billion. If Ramp closes at $40 billion+, it will be valued at nearly eight times the Brex exit price.

Ramp declined to comment on the fundraising discussions.