News Summary

Ramp, the expense management startup, has announced a significant funding milestone, achieving a $22.5 billion valuation just 45 days after its previous valuation of $16 billion. This new funding round brought in $500 million and was led by Iconiq Growth with participation from Founders Fund and D1 Capital Partners. Eric Glyman, co-founder and CEO of Ramp, shared that the company has raised a total of $1.9 billion and has become cash-flow positive earlier this year. Ramp currently serves 40,000 customers and has reached an annualized revenue of $700 million. The company’s vision includes the development of AI agent-led ‘autonomous finance’, with the first agent already launched and more planned by 2028.