Ramp raises $500 million as AI reshapes finance tools

Corporate spend management platform Ramp has secured a new $500 million funding round, underscoring the growing competition in financial software powered by artificial intelligence. The financing, which values the company at more than $9 billion, comes as demand for AI-driven automation in finance continues to grow.

Ramp’s core business revolves around tools that help companies track, manage, and reduce their expenses. Over the past year, the firm has expanded its product lineup to include AI agents that can automatically identify wasteful spending, negotiate vendor contracts, and flag compliance risks. This integration of AI has helped the company attract new customers and retain existing ones in a crowded market that includes both traditional software providers and newer fintech challengers.

The funding round drew participation from major venture capital firms and several large institutional investors. Executives at Ramp said the capital will be used to accelerate product development, expand engineering teams, and push deeper into international markets. While the company has grown rapidly in North America, it sees significant opportunities in Europe and parts of Asia where businesses are seeking to streamline financial operations.

Investors appear to be betting that AI can transform the finance function in much the same way it has reshaped marketing and customer service. Automated financial workflows can reduce the need for manual data entry, speed up approvals, and provide real-time insights that help executives make better decisions. For Ramp, the challenge will be maintaining an edge as other players in the space deploy similar capabilities. Competitors such as Brex and Airbase are also investing heavily in AI tools, and large enterprise software firms are embedding automation features into their own products.

The timing of the raise reflects a broader rebound in late-stage venture financing for fintech companies. While the sector saw a slowdown in 2023 and early 2024, recent months have brought signs of renewed investor interest. Rising corporate adoption of digital payment systems, embedded finance, and automated expense tracking has revived confidence in the sector’s long-term growth potential.

Ramp’s leadership has also been vocal about using AI responsibly. The company says it is investing in systems that ensure transparency in how AI models make decisions, especially when those decisions involve compliance or financial risk. With regulators increasingly attentive to AI’s role in finance, building trust with customers and oversight bodies will be critical.

The $500 million infusion puts Ramp in a strong position to compete in the next phase of the fintech race. If the company can continue to innovate while scaling globally, it could become one of the defining platforms for AI-powered finance in the years ahead.