Ramp Reaches $60B Valuation Just Four Months After $44B Round
Expense management company Ramp announced Thursday that it has raised $1.85 billion in a new funding round, valuing the company at $60 billion. The raise comes just four months after Ramp secured $750 million at a $44 billion valuation, underscoring investors' continued appetite for fintechs with a credible AI narrative.
The financing was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth.
Revenue and Platform Growth Accelerate
Ramp said its annualized revenue has crossed $2 billion, up from a reported $1.5 billion in June. The company also noted that its revenue growth is 25% faster than it was around this time last year. Ramp claims it now facilitates an annualized purchase volume of over $275 billion, up 175% year-over-year.
The company says it has 85,000 customers, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.
From Expense Management to Full Financial Operations
The funding comes as Ramp has been expanding beyond expense management into payments, fraud detection, procurement, vendor management, and, more recently, accounting.
The startup has also built a comprehensive AI story around itself, embedding AI agents into its procurement, expense management, accounting, budgeting, and other products. It launched a corporate credit card specifically designed for AI agents to use, and in August entered the model routing business to tap the booming AI inference market. That service gives existing clients a model routing solution that fits neatly with its current offerings, including AI token usage monitoring and token spend management.
Earlier this month, Ramp launched Glass, a workspace that collects and remembers the AI automations, prompts, and skills that an organization's employees build, so others can take advantage of the company's collective knowledge and expertise.
"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," Christian Jensen, partner at Dragoneer, said in a statement.
Investor Roster Expands
Other investors in the round 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.
The company has now raised approximately $5 billion in total funding.
Competitive Landscape Heats Up
As Ramp has widened its product lineup, it has increasingly run into Rippling, the HR and payroll software company that has pushed into corporate cards, expense management, and bill payments. The overlap puts the two companies in direct competition for the same finance-team budgets.
Early investor Keith Rabois, who has backed Ramp through two firms, Founders Fund and Khosla Ventures—both of which participated in this round—spoke to TechCrunch last month about Ramp's strategy and his own big ambitions for the company.
"Ramp is not worried about Rippling," Rabois said, signaling confidence in the company's trajectory as it continues to expand its AI-driven financial operations platform.