Ramp raises $750M Series F at $44 billion valuation



TL;DR

Ramp raised $750 million in a Series F led by ICONIQ, GIC, and Ontario Teachers’ at a $44 billion valuation. The spend management platform is expanding into AI token cost management and accounting, with revenue past $1 billion and 170% TPV growth.

Two years ago, Ramp was a $7.65 billion corporate card company. On Wednesday, it announced a $750 million Series F that values it at $44 billion, a nearly six-fold increase that makes it one of the most valuable private fintech companies in the world.

The round was led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, with new investors including Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. It brings Ramp’s total equity financing to more than $3 billion.

The growth numbers

The valuation rests on a business that has moved well past its startup phase. Ramp says it has surpassed $1 billion in annualised revenue and is generating positive free cash flow. Total payment volume grew approximately 170% year on year in March 2026, which the company says is its highest growth rate in three years despite the business being roughly 20 times larger than when it last hit that pace.

The platform now processes more than $100 billion in purchases annually and serves more than 50,000 customers, according to TNW’s earlier reporting. It has also expanded internationally, acquiring Stockholm-based Billhop to launch corporate cards and finance tools in the UK and EU.

Token spend as the third pillar

What distinguishes this round from a straightforward growth story is Ramp’s thesis about a new category of corporate spending. The company argues that AI token consumption is becoming the third major cost centre for businesses, after people and software, and that existing finance tools are blind to it.

The timing is hard to argue with. Uber burned through its entire 2026 AI coding budget in four months. Walmart capped its internal AI assistant. Companies across the industry are discovering that AI usage, priced per token and often invisible to procurement teams, can spiral without anyone noticing until the invoice arrives.

Ramp is positioning its platform to bring the same visibility and control to token spending that it already provides for corporate cards, travel, and vendor payments. Whether this category becomes as large as traditional spend management remains to be seen, but the pain point is real and the competition is thin.

Stack and the accounting play

The round also funds Ramp’s expansion into accounting through Stack, a product that targets accounting firms directly. It is the first time Ramp has sold into this market, and it represents a shift from serving finance teams inside companies to serving the firms that advise them.

The move makes strategic sense. Accounting firms influence purchasing decisions across thousands of clients, making them a distribution channel as much as a customer segment. If Ramp can embed itself in the workflow of a mid-market accounting practice, it gains access to that practice’s entire client base.

The valuation ladder

Ramp’s ascent has been unusually rapid even by fintech standards. It was valued at $7.65 billion in April 2024, $13 billion in March 2025, $22.5 billion in August and $32 billion in November of the same year. The $44 billion figure represents a 38% increase in roughly six months.

The trajectory invites the obvious question: is this a business growing into its valuation, or a valuation growing ahead of the business? At $1 billion in revenue, Ramp trades at a 44x revenue multiple, rich by any measure, though not unusual for a market in which AI-adjacent companies command premium multiples.

Ramp’s competitive position has strengthened considerably. In a fintech market where former rival Brex agreed to sell to Capital One for $5.15 billion, less than half its peak valuation, Ramp is effectively the dominant independent spend management platform in the US. The question is no longer whether the company can grow. It is whether the market it is building, one that treats AI tokens as seriously as travel expenses, will be as large as the valuation implies.



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Recent Reviews


Ghost CMS flaw abused to push ClickFix attacks on hundreds of sites

Pierluigi Paganini
May 25, 2026

Threat actors are actively exploiting a security flaw, tracked as CVE-2026-26980, in Ghost CMS that was fixed months ago in real attacks against unpatched websites. According to Qianxin, the campaign has already affected more than 700 sites, including well-known organizations and universities.

The vulnerability is an SQL injection issue in Ghost’s Content API that can let an attacker read data from the database without logging in. In the worst case, this can expose the Admin API key, which can allow attackers to take over the site.

That key matters because it can be used to change published content. In this campaign, attackers used it to edit articles on compromised Ghost sites and insert malicious JavaScript at the end of pages. The goal was not just defacement, but to turn trusted websites into launch points for further malware delivery.

“After an in-depth investigation and analysis, we determined that this was not a targeted intrusion against the customer, but rather a large-scale poisoning campaign by an in-the-wild attack group targeting Ghost CMS. Although CVE-2026-26980 was publicly disclosed as early as February 19, a large number of users did not patch and upgrade in time, providing an opportunity for attackers.” reads the advisory published by Qianxin. “At least two groups are currently actively conducting such poisoning operations, and some sites have even become the target of competition between the two parties, with different malicious code being implanted one after another within a single day.”

The inserted code led visitors through a two-step chain. First, the page loaded a remote script that checked the browser and decided what the visitor should see. Then real victims were redirected to a fake verification page that looked like a normal “I’m human” check.

This is where the ClickFix part began. The page told users to press Windows+R, paste a command, and hit Enter. In practice, that command downloaded and started a malware payload on the victim’s machine. It was a classic social engineering trick: make the user do the dangerous part themselves.

Qianxin says the first signs of this activity appeared in early May. The malicious code found in the campaign had a compilation date of February 16, the same day Ghost announced the fix for CVE-2026-26980. That suggests the attackers moved quickly once they saw how many sites had not been updated.

The affected websites cover a wide range of sectors. Roughly half are personal blogs or independent sites, but the list also includes technology blogs, AI sites, media outlets, crypto projects, and educational institutions. Qianxin researchers say victims include sites linked to Harvard, Oxford, and DuckDuckGo.

The attack chain was also designed to be flexible. The loaders could fetch different payloads depending on the target, and the operators changed infrastructure several times.

“entire attack process has obvious five-stage characteristics of “CMS Takeover → Page Poisoning → Two-stage Loading → Social Engineering Lure (FakeCaptcha/ClickFix) → Malware Delivery”, and the entire process is highly automated: bulk vulnerability scanning → automatic key extraction → bulk injection → dynamic C2 distribution.” states the report.

In some cases, they switched domains after detection, keeping the campaign alive even when part of the chain was blocked.

“Through feature scanning of publicly accessible pages, we have cumulatively identified more than 700 poisoned victim domains, and have proactively contacted the sites for which contact information could be obtained, notifying them of the poisoning.” continues the report.

Qianxin also believes at least two different groups are involved. In some cases, the same site was hit more than once, with one attacker replacing the code left by another. That makes the campaign harder to clean up and shows how attractive compromised Ghost sites have become for abuse.

For site owners, the advice is straightforward. Ghost should be updated immediately, all credentials should be rotated, and site logs should be reviewed for suspicious admin API activity. Any injected scripts should be removed from the database itself, not just from the visual editor. Visitors who may have reached a poisoned site should also be warned.

The report includes Indicators of Compromise (IoCs) for the attacks observed by the researchers.

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Pierluigi Paganini

(SecurityAffairs – hacking, Ghost CMS)







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