Ramp raises $750M at $44B valuation as investors hunger for fintechs with an AI story

Key points

• Corporate expense management platform Ramp on Thursday said it has raised $750 million at a valuation of $44 billion, nearly tripling its valuation within just a year as investors scramble to grab a part of the fast-growing startup.
• The funding round was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, and saw investments from a slate of new backers such as Goldman Sachs Alternatives, D.E.
• Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital.
• Several of the company’s previous investors also participated.
• Ramp said its annualized revenue is currently more than $1 billion, though it said it had crossed that milestone last September (Bloomberg reports its run-rate revenue is now more than $1.5 billion).