Ramp raises $1.85B at a $60B valuation as it expands into AI

Expense management company Ramp said on Thursday that it raised $1.85 billion in a funding round valuing it at $60 billion. The company raised $750 million at a $44 billion valuation four months earlier.

The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. Ramp said its annualized revenue has topped $2 billion, up from $1.5 billion in June, and that revenue growth is 25% faster than around this time last year. It also said annualized purchase volume exceeded $275 billion, up 175% year over year, and its customer count reached 85,000, compared with 70,000 in June.

Ramp has broadened beyond expense management into payments, fraud detection, procurement, vendor management, and accounting. It has embedded AI agents in several products, launched a corporate credit card for AI agents, and entered model routing in August. Earlier this month, it launched Glass, a workspace for collecting and sharing employees’ AI automations, prompts, and skills.

The company said it has raised about $5 billion in total. As its products expand, Ramp increasingly overlaps with Rippling in areas including corporate cards, expense management, and bill payments, putting the companies in competition for finance-team budgets.