GIC Co-Anchors Ramp's $750M Series F as AI Spend Management Takes Off

Singapore sovereign wealth fund GIC has co-anchored a massive $750 million Series F round for US fintech Ramp, valuing the expense management platform at $44 billion. This marks GIC's eighth time backing the company — a level of repeat commitment that signals serious conviction in Ramp's trajectory.

Ramp started as a corporate card and expense management platform, but has evolved into something more interesting: it now helps enterprises track and manage AI-related costs, including spending on tokens for large language models and other AI applications. CEO Eric Glyman puts it bluntly — for 500 years, business ran on spending on people and vendors. A third pillar has arrived: intelligence. Ramp wants to be the infrastructure for that.

The company is on a tear: over $1 billion in annualised revenue, positive free cash flow, 70,000 customers including Uber and Shopify, and about $200 billion in annualised purchase volume. Transaction volume grew 170% year-on-year in March — its fastest pace in three years. Ramp also launched 70+ products last year and is expanding into the UK and Europe.

Why it matters for Singapore: GIC's repeated investments in Ramp — eight rounds now — reflect Singapore's strategic interest in the intersection of fintech and AI. As Singapore positions itself as a hub for both financial technology and AI innovation, having a sovereign wealth fund with deep AI-infrastructure exposure gives local market watchers a window into where global enterprise spending is heading. For Singaporean CFOs and finance teams, Ramp's AI cost-tracking features are a sign of what's coming to the APAC market.