The financing has not yet closed, according to the report.
Reached by PYMNTS, Ramp declined to comment on the report.
The $40 billion valuation reported by WSJ would be up from the $32 billion valuation Ramp achieved in a November primary financing round and employee tender offer in which the company raised $300 million.
Ramp’s valuation rose throughout 2025. The company was valued at $13 billion in March 2025 when investors purchased secondaries from employees and early investors; $16 billion in June when it raised $200 million in Series E financing; and $22.5 billion in July when it raised $500 million in a Series E-2 round.
The company said in a November press release that as of Nov. 1 it was serving more than 50,000 customers — twice as many as it was serving a year earlier — and enabling more than $100 billion in annualized purchase volume.
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“Our goal is to make every customer more profitable,” Ramp Co-Founder and CEO Eric Glyman said in the release. “On average, companies that switch to Ramp spend 5% less and grow 12% faster — results that outpace nearly every benchmark.”
Ramp announced April 29 that it enhanced its procurement platform by adding a fleet of artificial intelligence agents that can triage employee requests, source vendors, review contract terms and handle compliance checks.
Because the platform runs on anonymized pricing benchmarks and vendor data from millions of Ramp transactions, it can provide smaller companies with the sort of benchmark data that might be used by Fortune 500 firms, the company said at the time.
In some other recent moves, Ramp teamed up with Visa to provide Ramp customers with AI agents that automate corporate bill pay, reduce manual work, curb spend and unlock savings; acquired guest travel platform Juno to deepen Ramp’s travel capabilities; and acquired payments platform Billhop to deepen Ramp’s support for customers operating in the United Kingdom and Europe.
