Ramp, the AI-powered finance automation platform, has raised $500 million in a funding round, increasing its valuation to $22.5 billion. This marks the company's second funding round in just 45 days. The capital will be utilized to further develop Ramp's vision of “Autonomous Finance,” which employs AI agents to manage tasks such as expense approvals and real-time forecasting.

Summary of transaction details:

• Deal Type: Funding Round
• Transaction Amount: $500,000,000
• Company Valuation: $22,500,000,000
• Notable Investors: Founders Fund, Thrive Capital, Redpoint Ventures, Coatue Management, D1 Capital Partners, Altimeter Capital, Iconiq Capital, Stripe, General Catalyst, BoxGroup & Conversion Capital

Founded by Eric Glyman, who also serves as CEO, Ramp has been adopted by various teams at companies like Notion, Webflow, and Quora. Its AI agents have been shown to reduce manual reviews by 85% and effectively catch policy violations 15 times more than traditional methods, signifying a shift away from conventional spreadsheets to advanced, self-improving systems.