One area outside of AI that investors are still passionate about, at least if you judge it based on Ramp’s 2025, is expense management fintech. Every few months, Ramp raised even more money at a new huge valuation. On Monday, the fintech company announced it had raised $300 million led by Lightspeed, which also included a tender offer for its employees.
This comes just months after the announcement of a $500 million Series E-2 led by Iconiq on July 30 at a valuation of $22.5 billion. The round comes just weeks after a $200 million Series E led by Founders Fund at a $16 billion valuation announced in mid-June. And that Series E came just three months after a $150 million secondary stock sale in March at a valuation of $13 billion.
In April 2024, Lamp raised $150 million in a Series D co-led by Khosla and Founders Fund at a valuation of $7.65 billion.
Monday’s round brings Lamp’s total equity funding to $2.3 billion. And in 2025 alone, the company’s value jumped from $13 billion to $32 billion.
Lamp Co. announced in October that its annual sales exceeded $1 billion. This means it is on track to generate that much revenue on a 12-month basis.
Ramp currently offers expense management for businesses. The company has an AI story, automating some approvals and processes through its agent product, but it’s not an AI company per se. We offer corporate credit cards, expense management/purchase order software, and corporate travel. According to the company, the number of customers has exceeded 50,000.
