Ramp just pulled off the most aggressive valuation sprint in fintech history. The expense management company raised $300 million from Lightspeed, catapulting its worth to $32 billion - a staggering 42% jump from its $22.5 billion valuation just three months ago. While most startups are struggling to maintain their valuations in 2025's tougher funding climate, Ramp has somehow convinced investors to keep writing bigger checks every quarter.
Ramp is rewriting the playbook on how fast a company can inflate its valuation. The corporate expense management platform announced Monday it closed a $300 million funding round led by Lightspeed, pushing its valuation to $32 billion - a jaw-dropping 42% increase from its $22.5 billion price tag just three months earlier.
The numbers are almost hard to believe. In 2025 alone, Ramp has raised money five separate times, each at increasingly astronomical valuations. The journey started with a $150 million secondary sale at $13 billion in March, followed by a $200 million Series E at $16 billion in June, then a massive $500 million Series E-2 at $22.5 billion in July led by Iconiq. Now this latest $300 million round has pushed the company past the $30 billion mark.
"The one area outside of AI where investors are still enthusiastic is expense management fintech," according to TechCrunch's original reporting. That enthusiasm is clearly paying off for Ramp, which has now raised $2.3 billion in total equity financing.
The company's revenue growth is backing up these sky-high valuations. Ramp surpassed $1 billion in annualized revenue in October, meaning it's on track to generate that much over a 12-month period. The company now serves more than 50,000 corporate customers with its suite of expense management tools, corporate credit cards, and travel booking services.
What makes Ramp's valuation sprint even more remarkable is the broader context. Most fintech companies are struggling to raise money at their previous valuations, let alone secure massive increases. The sector has been hammered by rising interest rates, increased scrutiny on unit economics, and a general pullback from growth-at-all-costs mentalities.
Yet Ramp keeps finding investors willing to pay premium prices. The company's last pre-2025 funding was a $150 million Series D in April 2024 at a $7.65 billion valuation, co-led by and . From that starting point, the company has increased its value more than four times in less than two years.
