½ûÂþÌìÌÃ

Fintech startup is on a tear. The expense management company has raised yet another round of capital — $300 million at a $32 billion valuation, the company announced on Monday.

The financing marks the fourth raise for New York-based Ramp in 2025 alone, and brings its total equity raised since its 2019 inception to $2.3 billion, per the company. It was valued at $13 billion after a secondary share sale in March, and announced a $500 million Series E-2 at a $22.5 billion valuation in late July.

Roughly half of the $300 million in equity just raised will be used toward covering employee liquidity, according to the company. Any other employee liquidity needs will be covered by the secondary/tender portion, but that amount isn’t final.

led the latest equity round, which included participation from existing backers such as , , , and , among others. New investors , , , , and wrote checks into the round as well.

Ramp says it is now generating more than $1 billion in annualized revenue and producing free cash flow. It also reports that it has over 50,000 customers, double the amount it had last year, including , , , , and .

In particular, Ramp says it grew its enterprise customer base by 133% year over year, with more than 2,200 customers. Overall, it claims to power over $100 billion in purchases annually.

Global venture funding to financial technology startups in 2025 has, as of Nov. 17, reached $45.8 billion across 3,291 deals, per ½ûÂþÌìÌà . That’s a 27.6% increase in dollars raised compared to the $35.9 billion raised across 4,348 deals during the same time period in 2024.

Related ½ûÂþÌìÌà query:

Related reading:

• Fintech Comeback? IPOs Reignite Investor Optimism, But VC Funding Still Trails 2021 Highs
• Here Are The Fintech Companies That Could Go Public In 2025
• Fueled By AI, Fintech Ramp Raises $500M at a $22.5B Valuation Just Weeks After Last Raise

Illustration:

Clarification: This story has changed since its original publication to correct the amount of the new valuation.