Ramp Secures $1.85 Billion Funding, Reaching $60 Billion Valuation Amid AI Expansion

Expense management company Ramp announced Thursday it has raised $1.85 billion in a new funding round, valuing the company at $60 billion. This significant investment follows a $750 million raise just four months prior, which had set its valuation at $44 billion. The latest financing round was co-led by prominent investors including Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth.

The company reported its annualized revenue has surpassed $2 billion, an increase from $1.5 billion in June, with revenue growth accelerating 25% faster than it was a year ago. Ramp’s customer base has expanded to 85,000, up from 70,000 in June, and it now facilitates an annualized purchase volume exceeding $275 billion, marking a 175% increase year-over-year. Notable customers include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma. Beyond its core expense management, Ramp has also expanded its offerings into payments, fraud detection, procurement, vendor management, and accounting.

Driving much of its recent growth and strategic direction, Ramp has heavily invested in artificial intelligence, embedding AI agents into its procurement, expense management, accounting, and budgeting products. The company launched a corporate credit card specifically designed for AI agents and entered the model routing business in August. This move aims to capitalize on the booming AI inference market by providing clients with a model routing service, AI token usage monitoring, and token spend management. Earlier this month, Ramp also introduced Glass, a workspace designed to collect and retain AI automations, prompts, and skills developed by an organization's employees, fostering collective knowledge sharing. Christian Jensen, a partner at Dragoneer, commented, “In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates. We believe Ramp is well on its way to becoming one of the defining companies of this era.”

With this latest round, Ramp has now amassed approximately $5 billion in total funding. The company faces increasing competition, particularly from Rippling, an HR and payroll software firm that has expanded into corporate cards, expense management, and bill payments, creating direct rivalry for finance-team budgets. Despite this, early investor Keith Rabois, who has backed Ramp through Founders Fund and Khosla Ventures, expressed ambitious goals for the company. Rabois stated, “Ramp is not worried about Rippling. We’re going to compete with Anthropic. That’s the goal. I want to be larger and more successful and more important than Anthropic. Ramp is going to be the primary way people manage their token spend, how they optimize it, how they measure ROI, and that will lead us to collide probably with Anthropic in many ways.” Additional reporting was provided by Connie Loizos.

Editor's note: The draft effectively summarizes the financial and strategic expansion details. One minor point: the source mentions the $1.85B round occurred four months after the $750M raise, but the draft miscalculates the timeframe of the $1.5B revenue mention, though it remains factually close.