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Expense management startup has raised another round of capital 鈥� a $500 million Series E-2 at a $22.5 billion valuation, the company confirmed to 附近上门 News on Wednesday.

The raise comes weeks after Ramp announced it had raised $200 million in a Series E round at a valuation of $16 billion. led the financing, which included participation from existing backers , , ,, , and , among others. New backers include , (formerly Google Ventures), and , among others.

The pace at which Ramp has raised capital and grown its business makes it a standout in a fintech space that has been on a roller coaster ride in recent years.

In early March, Ramp announced it had nearly doubled its valuation to $13 billion after . This means that the company has nearly doubled its valuation in less than five months.

Since its 2019 inception, New York-based Ramp says it has now raised a total of $1.9 billion in equity funding.

Notably, the company revealed today that it has over 40,000 customers, including , , and , and that it 鈥渂egan generating cash flow earlier this year.鈥�

Earlier this month, Ramp launched what it described as the 鈥渇irst of many鈥� autonomous in a move it claims helps its customers 鈥渃atch 15x more policy violations.鈥�

In , CEO and co-founder wrote: 鈥淩ight now, Ramp users are getting 3脳 more done per minute compared to two years ago. By 2027 鈥� as our agents start working in parallel 鈥� we鈥檙e aiming for 30脳.鈥�

He added: 鈥�45 days ago: I said, 鈥淟et the robots chase receipts.鈥� And we raised $200M to do just that. Today, they鈥檙e not just chasing receipts. They鈥檙e filing your expenses, booking your travel, paying your invoices, and closing your books. And we鈥檝e raised another $500M at a $22.5 billion valuation to pick up the pace.鈥�

In announcing the financing, Ramp did not disclose hard revenue figures. However, the company as of January of this year, sources previously told .

Ramp鈥檚 biggest revenue generator is earning interchange fees from its cards. It also makes money through transaction fees on bill payments, SaaS revenue via its Plus offering, foreign exchange from global money movement, and affiliate fees through its travel product, among other things.

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