Fintech startup Ramp is in tears. The spend management company has raised one other round of capital – $300 million at a valuation of $32 billion, the company announced on Monday.
This financing represents the fourth raise for New York-based Ramp in 2025 alone and brings the total equity capital raised since its inception in 2019 to $2.3 billion per company. After a secondary share sale in March, it was valued at $13 billion, and in late July, the launch of a $500 million Series E-2 was announced at a valuation of $22.5 billion.
About half of the $300 million in equity capital just raised will go toward worker liquidity, in response to the company. Any other liquidity needs of employees might be covered by the add-on/offer, but this amount is not final.
Partners of the Lightspeed enterprise led the latest equity round, which included participation from existing sponsors comparable to The capital of Iconiq, Founders Fund, Khosla ventures, Generic catalytic converter AND Capital Luxamong others. New investors Global alpha wave, Partners of the Bessemer enterprise, Robinhood ventures, Capital 1789, The capital of the Epicenter AND Coral capital also wrote checks in the round.
Ramp says it currently generates greater than $1 billion in annual revenue and free money flow. It also reports that it has over 50,000 customers, which is twice as many as last 12 months, combined CBRE, Shopify, Anduril Industry, Figma, Concept AND Cursor.
Specifically, Ramp claims to have grown its enterprise customer base by 133% year-over-year to over 2,200 customers. Overall, it claims to offer greater than $100 billion in purchases annually.
As of November 17, global enterprise capital funding for fintech startups in 2025 reached $45.8 billion across 3,291 deals, in response to Crunchbase data. This represents a 27.6% increase in dollars raised in comparison with the $35.9 billion raised across 4,348 deals during the same period in 2024.
Clarification: This story has been modified since its original publication to correct the recent valuation amount.