Ramp Inc., a provider of cloud services that help companies manage their spending, today revealed it has raised $750 million in late-stage funding.

ICONIQ, GIC and the Ontario Teachers’ Pension Plan jointly led the Series F round. They were joined by nearly two dozen others, including Lightspeed, which was the biggest backer of Ramp’s previous raise in November. The company’s valuation has increased from $32 billion to $44 billion in the past seven months.

The cornerstone of Ramp’s product portfolio is a service that companies use to issue corporate credit cards to their employees. The cards provide users with access to a cashback program and discounts on popular software products. Accounting teams, in turn, can set spending limits to block unnecessary purchases.

The company also promises to ease a long list of other financial tasks. Its services help companies manage cash deposits, track budget adherence, pay suppliers and book business trips. It regularly launches new tools to maintain its revenue growth.

Ramp announced the latest addition to its product portfolio on Wednesday. Ramp Stack is an artificial intelligence tool that promises to help accounting firms more quickly prepare corporate clients’ financial statements. One of the tasks that it speeds up is account reconciliation, which is the process of checking ledger items for accuracy. Accountants can customize the tool by uploading a close checklist, a list of tasks that should be completed during the financial statement preparation workflow.

Ramp Stack made its debut a few weeks after another product launch. In April, Ramp released an AI agent designed to automate procurement initiatives. Workers can enter a natural language description of what they wish to buy and have the AI surface several products that fit the bill. After a company determines which product it wishes to purchase, the AI automates supplier onboarding tasks such as contract reviews.

Enterprises can also use Ramp to monitor their large language model spending. Earlier this year, the company launched a tool called Ramp AI Spend Intelligence that can track token use across Claude, ChatGPT and competing services. 

“For 500 years, business ran on two pillars of spend: people and vendors,” said co-founder and Chief Executive Officer Eric Glyman. “In the last 24 months, a third arrived – intelligence, paid by the token and invisible to every system we’ve built to manage cost. Ramp is the infrastructure for the third pillar.”

The company disclosed today that its installed base includes more than 70,000 organizations. According to Ramp, the number of enterprises that spend at least $100,000 per year on its platform has more than doubled over the past 12 months. The company’s annualized revenue surpassed $1 billion ahead of today’s funding milestone.

Image: Ramp