The talks are still underway, and the details of the funding round could change, according to the report.
Reached by PYMNTS, Ramp declined to comment on the report.
Ramp announced in June that it was valued at $44 billion in a Series F round in which it raised $750 million. About seven months before that, in November, Ramp said it was valued at $32 billion when it closed a $300 million primary financing round and an employee tender offer.
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
When announcing the Series F in June, Ramp said in a press release that the company grew its total payment volume (TPV) by about 170% year over year in March and that this marked its highest growth rate in three years.
Ramp Co-Founder and CEO Eric Glyman said in the release that the company was growing that fast, despite being 20 times the size it was three years earlier, because “finance is going through the biggest structural change since the spreadsheet.”
“Every company needs infrastructure to navigate an AI economy, from a CFO in London to an accounting firm in Wichita,” Glyman said. “While we’re growing fast, we still only serve a fraction of the market. There’s a lot more work to do.”
At the time of the Series F round, Ramp had raised over $3 billion in total equity financing, according to the release.
PYMNTS reported Aug. 20 that Ramp, which is known for managing corporate expenses, launched a tool called Router.com that cuts companies’ AI costs by deciding which AI model gets used.
At the time of the product’s general launch, Ramp had been using Router internally for three years and found that the tool cut AI costs by about 30%. Ramp said early customers were finding that Router cut their costs by an average of 40%.
In June, Ramp launched an AI system designed for accounting firms. Called Ramp Stack, the system is designed to do work for these firms, with every decision reviewable and auditable, starting with the close and then expanding into other workflows.
Add as Preferred Source
