Expense management startup Ramp has raised $1.85 billion in a new funding round, valuing the company at $60 billion. The investment comes just four months after Ramp secured $750 million at a $44 billion valuation, marking a sharp increase in its market value.
Revenue And Customer Numbers Continue To Grow
The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. Ramp said its annualised revenue has surpassed $2 billion, up from $1.5 billion in June, with its growth rate 25% faster than at the same point last year.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
The company now processes more than $275 billion in annualised purchase volume, up 175% year on year. Its customer base has also grown to 85,000, compared with 70,000 in June. Clients include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.
From Expense Management To AI-Powered Finance
Ramp has expanded beyond expense management into payments, fraud detection, procurement, vendor management and accounting, positioning itself as a broader financial operations platform.
Artificial intelligence is becoming a central part of that strategy. Ramp has integrated AI agents across procurement, expense management, accounting and budgeting, and recently introduced a corporate credit card designed for AI agents. In August, it entered the model-routing market to help customers manage AI inference costs, token usage and spending.
Earlier this month, the company also launched Glass, a workspace that stores employees’ AI automations, prompts and skills so they can be reused across an organisation.
Investors Back Ramp’s Broader Ambitions
“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,” said Christian Jensen, a partner at Dragoneer, in a statement.
Other investors participating 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 latest round brings Ramp’s total funding to approximately $5 billion.
Competition Extends Into AI Spending
Ramp’s expanding product range is bringing it into closer competition with Rippling, the HR and payroll software company that has also entered corporate cards, expense management and bill payments. Both are competing for finance-team budgets and a broader role in managing enterprise workflows.
Keith Rabois, an early Ramp investor through Founders Fund and Khosla Ventures, said last month that the company’s ambitions extend beyond this rivalry.
“Ramp is not worried about Rippling,” Rabois said. “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.”
His comments reflect Ramp’s broader ambition to help companies manage not only traditional business expenses but also the costs and returns of AI adoption.
