Ramp secures $1.85 billion funding round at $60 billion valuation

Ramp’s valuation reaches $60 billion

Expense management company Ramp has raised $1.85 billion in a funding round valuing the business at $60 billion. The financing was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth.

The round arrives four months after Ramp raised $750 million at a $44 billion valuation. The company said it has now raised about $5 billion in total funding.

Ramp reported that annualized revenue has crossed $2 billion, compared with a reported $1.5 billion in June. It also said revenue growth is 25% faster than it was around the same time last year.

The company says it facilitates more than $275 billion in annualized purchase volume, a 175% increase from a year earlier. Its customer count has reached 85,000, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.

A broader financial operations platform

Ramp began in expense management but has expanded into payments, fraud detection, procurement, vendor management and accounting. That wider product range places the company in more areas of finance-team spending and operations.

The financing follows Ramp’s $750 million AI-focused funding round as Ramp’s valuation and AI positioning have continued to develop through new products and services.

Its AI strategy includes agents embedded in procurement, expense management, accounting and budgeting products. Ramp has also launched a corporate credit card designed for AI agents, alongside tools for AI token usage monitoring and token spend management.

In August, the company entered model routing, offering existing clients a service aligned with those token-management capabilities. Earlier this month, Ramp introduced Glass, a workspace intended to collect and retain the automations, prompts and skills built by an organization’s employees so others can use that collective knowledge.

Competition for finance budgets

Ramp’s expansion creates greater overlap with Rippling, whose HR and payroll software business has moved into corporate cards, expense management and bill payments. The overlap puts the companies in competition for the same finance-team budgets.

Christian Jensen, a partner at Dragoneer, said Ramp has become a broader financial operations platform with AI deeply embedded in how it builds and operates. Other investors in the new round include Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, 8VC, Khosla Ventures and Lightspeed Venture Partners.

For businesses, Ramp’s expansion makes the evaluation of financial software broader than expense reporting: procurement, payments, accounting and AI-related token controls can increasingly be considered together when selecting finance operations tools.