Ramp Hits $60B Valuation With $1.85B Funding Round

Ramp, the financial technology company known for its corporate expense management tools, has raised $1.85 billion in fresh funding, bringing its valuation to $60 billion. The announcement, made on Thursday, marks a sharp increase from the $44 billion valuation it secured just four months ago, when it raised $750 million.

The latest investment highlights Ramp’s rapid growth and its expanding ambitions in artificial intelligence (AI). The company is moving beyond traditional expense management to build a broader financial operations platform, with AI becoming a central part of its strategy.

The funding round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. Several other major investment firms also participated, adding to the company’s growing list of financial backers.

Ramp Reports Strong Revenue and Customer Growth

Ramp said its annualized revenue has surpassed $2 billion, up from the $1.5 billion reported in June. The company also reported that its revenue growth rate is 25% faster than it was around the same time last year.

Its business transaction volume has expanded significantly as well. Ramp now facilitates more than $275 billion in annualized purchase volume, representing a 175% increase from a year earlier.

The company also reported having 85,000 customers, compared with 70,000 in June. Its customer base includes well-known businesses such as Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.

These figures show how Ramp is growing its presence among businesses while expanding the range of financial services it offers.

From Expense Management to AI-Powered Finance

Ramp initially built its business around helping companies manage expenses. However, its product lineup has grown to include payments, fraud detection, procurement, vendor management, and accounting.

AI is now playing a major role in that expansion. Ramp has integrated AI agents into several products, including expense management, procurement, accounting, and budgeting. The goal is to use AI to help businesses automate financial tasks and manage their operations more efficiently.

The company has also introduced a corporate credit card designed specifically for AI agents. This product reflects Ramp’s interest in helping businesses manage spending generated by automated systems.

In August, Ramp entered the model routing market, positioning itself to serve the growing AI inference industry. The service allows businesses to access model routing capabilities that complement Ramp’s existing tools, including AI token usage monitoring and token spending management.

As companies increasingly use AI models and automated agents, managing the associated costs could become an important part of their financial operations.

New AI Workspace Targets Enterprise Knowledge Sharing

Earlier this month, Ramp introduced Glass, a workspace designed to collect and preserve the AI automations, prompts, and skills created by employees across an organization.

The platform aims to make those resources available to other team members, allowing companies to build on the knowledge and workflows their employees have already developed.

Rather than allowing useful AI processes to remain isolated with individual workers, Glass is designed to help organizations share and reuse them. The launch adds another layer to Ramp’s broader effort to connect financial management with AI-powered workplace tools.

Christian Jensen, a partner at Dragoneer Investment Group, said the company had evolved into a much broader financial operations platform in just a few years.

He also highlighted how deeply AI has been integrated into Ramp’s products and internal operations, adding that Dragoneer believes the company is on its way to becoming one of the defining businesses of the current era.

Major Investors Back Ramp’s Expansion

Beyond the five firms that co-led the round, the financing attracted a broad group of institutional investors and venture capital firms.

Participants included Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, 8VC, 1789 Capital, Alpha Wave Global, Ontario Teachers’ Pension Plan, Coatue, D.E. Shaw, Definition Capital, FirstMark, General Catalyst, Generation Investment Management, Glade Brook Capital Partners, Khosla Ventures, Lightspeed Venture Partners, Pinegrove Opportunity Partners, Soma Capital, and Stripes.

With the latest investment, Ramp has raised approximately $5 billion in total funding.

Ramp and Rippling Compete for Corporate Finance Budgets

Ramp’s expansion into new financial products has also brought it into closer competition with Rippling, a human resources and payroll software company.

Rippling has expanded into corporate cards, expense management, and bill payments, putting the two companies in direct competition for the same budgets and attention from corporate finance teams.

The overlap reflects a broader trend in business software, where companies are expanding beyond their original products to offer a wider range of services through a single platform.

Ramp’s growing focus on AI could give the company another way to differentiate its offerings as this competition intensifies.

Ramp’s Ambitions Extend Beyond Financial Software

Keith Rabois, an early Ramp investor who has backed the company through both Founders Fund and Khosla Ventures, discussed the startup’s strategy with TechCrunch last month. Both investment firms participated in the latest funding round.

Rabois outlined an ambitious vision for Ramp, saying the company was not worried about Rippling and identifying Anthropic as a potential competitor in its long-term plans.

He said he wanted Ramp to become larger, more successful, and more influential than Anthropic.

According to Rabois, Ramp aims to become the primary platform businesses use to manage their AI token spending, optimize usage, and measure return on investment.

That ambition suggests Ramp sees its future extending well beyond expense reports and corporate cards. By combining financial operations tools with AI spending management and automation, the company is positioning itself to compete for a larger role in how businesses adopt and manage artificial intelligence.

Its $60 billion valuation and latest $1.85 billion funding round provide additional resources for that expansion. The next challenge will be turning its growing collection of products into a unified platform that businesses rely on for both financial management and AI operations.

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