Ramp, the New York based spend management and finance-automation platform, has raised $300 million in fresh equity financing led by Lightspeed Venture Partners, setting a new $32 billion valuation. The company says this is its fourth fundraise of 2025 and brings total equity raised since its 2019 launch to $2.3 billion. About half of the new equity will fund employee liquidity alongside a separate tender. Existing backers including Iconiq Capital, Founders Fund, Khosla Ventures, General Catalyst, and Lux Capital participated, with new investors such as Alpha Wave and Bessemer Ventures joining the round.
The announcement on November 17, 2025 also came with notable operating disclosures: Ramp reports more than $1 billion in annualized revenue, free-cash-flow generation, 50,000+ customers (including CBRE, Shopify, Anduril, Figma, Notion, and Cursor), and over $100 billion in annual purchase volume; enterprise customers reportedly doubled year over year to 2,200+.
Why Investors Are Backing Ramp
Ramp’s strategy reaches far beyond corporate cards. The company has built an integrated finance platform that covers expense management, bill payments, procurement, travel, and analytics, all powered by automation. In today’s market, where investors care more about sustainable growth and strong unit economics, Ramp’s full-stack approach stands out. Platforms that unify multiple finance workflows and generate software-driven revenue, not just payment fees, are attracting the most attention. Lightspeed’s decision to lead this round, along with its size at such a mature stage, shows strong confidence that Ramp’s “finance OS” can keep gaining ground among larger enterprise customers.
What the New Capital Means for Ramp
Management says the new capital will support employee liquidity while also giving Ramp more flexibility to invest in product development and enterprise growth. Since the company is already generating free cash flow, this round looks less like a defensive raise and more like an opportunity to go on offense. Ramp plans to broaden its product lineup in areas such as procurement, accounts payable, and travel, bolster its integrations, then build deeper traction in the upper mid-market and enterprise space. The company’s reported metrics, including more than $1 billion in annual recurring revenue and over $100 billion in annual purchase volume, give that strategy real weight.
A Broader Shift in Fintech
The fintech landscape is undergoing a meaningful shift. Global fintech investment reached approximately US $44.7 billion in just the first half of 2025, based on data from KPMG. While this figure marks a solid sum, it is still the “lowest six month period since H1 2020,” signalling a more cautious investor mood.
What stands out, though, is where the money is going. Investors are increasingly backing fintech businesses that aren’t just offering payments or cards, but platforms that integrate multiple finance workflows (expense management, procurement, automation, analytics) and scale toward enterprise use.
In that light, companies such as Ramp, which are expanding beyond corporate cards into full-stack automation for enterprise finance teams, are textbook examples of the capital flows at play. Their ability to combine payments, software, integrations, and scale is exactly what today’s backers are looking for.
Risks and Realities
Ramp’s rapid growth puts the spotlight squarely on execution. Expanding into procurement, accounts payable, and travel management is a logical next step, but it’s also an operational challenge. Each of these areas requires deep integrations with ERP and accounting systems, as well as measurable returns for finance teams that are already stretched thin.
Competition is another major factor. The spend-management market has become crowded with well-capitalized peers like Brex and Airbase, as well as established enterprise players such as SAP Concur and Coupa. As Ramp pushes further upmarket, customer acquisition costs and retention will likely come under more pressure.
A valuation north of $30 billion also raises expectations. Investors will be looking for proof that Ramp can sustain efficient, profitable growth, particularly through higher-margin software and automation revenue, rather than relying solely on card interchange or payment volume. The company’s ability to turn its enterprise traction into compounding, software-driven revenue will determine whether this valuation holds up over time.
A New Chapter for Ramp
If Ramp can translate its product breadth and automation thesis into durable enterprise penetration, this raise could mark its transition from breakout fintech to enduring financial-operations platform. In an environment tilting back toward fundamentals, the company’s combination of scale, revenue quality, and free-cash-flow claims positions it to be a defining player in modern corporate finance technology.
