Ramp raises $1.85 billion at a $60 billion valuation

Expense management company Ramp said Thursday it raised $1.85 billion in a round that values it at $60 billion. Four months earlier, it raised $750 million at a $44 billion valuation.

Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led the round. Other investors include 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.

Ramp reports growth in revenue and spending

Ramp said its annualized revenue has passed $2 billion, compared with a reported $1.5 billion in June. It said revenue growth is 25% faster than it was around this time last year. The company also claims more than $275 billion in annualized purchase volume, up 175% from a year earlier.

Ramp says it has 85,000 customers, up from 70,000 in June. They include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.

Ramp expands its finance and AI products

The company has moved beyond expense management into payments, fraud detection, procurement, vendor management and accounting. It has added AI agents to products for procurement, expenses, accounting and budgeting. It also launched a corporate credit card designed for AI agents.

In August, Ramp entered the model routing business, offering existing clients a service alongside its tools for monitoring AI token use and managing token spending. Earlier this month, it launched Glass, a workspace where employees can collect and share the AI automations, prompts and skills they create.

Christian Jensen, a partner at Dragoneer, said in a statement that Ramp had grown into a broader financial operations platform with AI embedded in how it builds and operates. As Ramp has expanded, it has come into closer competition with Rippling. The HR and payroll company has added corporate cards, expense management and bill payments, putting the two companies in contention for the same finance-team budgets.

Keith Rabois, an early Ramp investor through Founders Fund and Khosla Ventures, told TechCrunch last month that Ramp’s ambitions extend to AI spending. Both firms joined this round. Rabois said Ramp aims to become the primary way customers manage AI token spending, optimize it and measure returns, a goal he expects to bring it into competition with Anthropic.