Ramp, a financial management company, recently achieved a valuation of approximately USD 32 billion after raising USD 300 million in its primary funding round and conducting an employee tender offer. This latest financing was spearheaded by Lightspeed Venture Partners, with the involvement of existing investors as well as new ones.

In recent months, Ramp has been enhancing its suite of automated finance tools. In July, it launched a ‘financial agent’ for controllers, which was later expanded in October to cover accounts payable functions.

Ramp claims that during October alone, its systems made over 26 million automated decisions involving more than USD 10 billion in customer spending. According to internal data, policy controls prevented numerous non-compliant transactions, and treasury features redirected idle funds into short-term investments. Fraud monitoring tools also intervened in invoice scams, while travel-related features adjusted individual costs.

Enhanced Automation Tools

A significant client reported that within their organization, the aim was to eliminate manual handling of expenses and invoices. They stated that Ramp’s platform automation has reduced administrative burdens, allowing staff to focus more on product development and operational growth.

Ramp asserts that its tools have saved clients over USD 10 billion and tens of millions of work hours since launch, partly due to an increase in ‘zero-touch’ transactions.

The company reports generating annualized revenue exceeding USD 1 billion and producing positive free cash flow. It also notes that most customers use multiple products within the platform, supporting over USD 100 billion in annualized purchase volume. A company representative mentioned that long-term goals include helping clients operate more efficiently, with internal assessments suggesting potential cost reductions and accelerated growth following adoption of Ramp’s services.