Ramp Raises $750M to Build AI Token Spend Tools

Ramp announced a $750 million Series F at a $44 billion valuation, roughly tripling its valuation in a year (TechCrunch; Ramp). Ramp's release names ICONIQ, GIC, and the Ontario Teachers' Pension Plan as leads, with new participants including Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, Generation Investment Management, and Insight Partners. The company says the round lifts total equity financing above $3 billion.

In its announcement, Ramp lists stats as of June 1, 2026: more than $1 billion in annualized revenue with positive free cash flow, over $200 billion in annualized purchase volume, and more than 70,000 customers, including Visa, Uber, Shopify, Figma, Notion, and Cursor. Ramp reports 100%+ year-over-year enterprise growth, with more than 3,200 customers spending at least $100,000 annually.

Ramp is positioning around what it calls AI token spend, the per-token cost of using large language models. The New Stack reports the product combines billing data with usage data and integrates directly with providers such as OpenAI and Anthropic, as well as model gateways like OpenRouter, to track consumption across teams and projects and to set budgets and caps. Co-founder and CEO Eric Glyman has framed AI, paid by the token, as a new third pillar of business spend alongside people and vendors, one that is largely invisible to the systems companies use to manage cost (The New Stack; Ramp).

investor appetite for fintechs that attach a credible AI story to real revenue has been strong, and the institutional mix in this round reflects that pattern. As AI usage scales, metered per-token billing can produce volatile invoices that traditional procurement and expense tools do not surface, which is the gap vendors are now racing to close with tagging, per-model metering, and automated controls.

a $750 million round at a $44 billion valuation places Ramp among the most valuable private fintechs and signals buy-side conviction that governing AI spend is a durable category, not a feature. That said, the reporting does not establish that AI token spend will rival payroll or software in scale; it documents investor and vendor interest in making the cost visible and controllable.

track adoption and any disclosed dollar volumes tied to Ramp's token-spend tools, the depth of integrations with major model providers and how differing billing units (tokens, compute, tiered pricing) are normalized, and competitive responses from incumbent ERP, spend-management, and cloud-cost vendors.