Ramp hits $60B valuation as it expands AI-driven finance platform
The expense-management startup raised $1.85 billion, pushing its valuation to $60 billion while adding AI tools across payments, procurement and accounting.
Ramp announced on Thursday that a new financing round brought in $1.85 billion, lifting the company’s valuation to $60 billion. The round follows a $750 million raise four months earlier that valued the firm at $44 billion. The latest capital was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth.
The company reported that its annualized revenue now exceeds $2 billion, up from $1.5 billion reported in June. Revenue growth is accelerating, running about 25 percent faster than a year ago. Ramp also said it processes more than $275 billion in annual purchase volume, a 175 percent increase from the previous year, and its customer base has grown to roughly 85,000 firms, up from 70,000 in June. Clients include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.
Beyond its core expense-management offering, Ramp has broadened into payments, fraud detection, procurement, vendor management and accounting. AI now underpins many of those products. The firm embedded AI agents into its procurement, budgeting and expense tools, and introduced a corporate credit card designed for AI agents to spend. In August, Ramp entered the model-routing market, providing customers with a service that routes AI inference workloads and tracks token usage and spend. Earlier this month the company launched Glass, a workspace that captures and shares AI automations, prompts and skills created by employees, allowing the organization to reuse collective knowledge.
Dragoneer partner Christian Jensen said the company has transformed into a comprehensive financial-operations platform with AI at its core, and that Ramp is on track to become a defining business of this era. The round also attracted a broad set of investors, including Capital International, Fidelity Management & Research, 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. With this financing, Ramp’s total capital raised approaches $5 billion.
Ramp’s expanding suite now puts it in direct competition with Rippling, which has moved into corporate cards, expense management and bill payments. Early backer Keith Rabois, who participated through Founders Fund and Khosla Ventures, told TechCrunch that Ramp is not concerned about Rippling and that the company intends to challenge Anthropic in the AI token-spend space. Rabois said he wants Ramp to become the primary platform for managing token spend, measuring ROI and competing with leading AI model providers.
The new funding gives Ramp resources to deepen its AI integrations and pursue further product launches. For founders, the move signals that a finance platform can evolve into a broader AI-enabled operations hub, potentially raising the bar for competing startups. Investors will watch whether Ramp can translate its rapid growth into sustainable profitability while navigating head-to-head battles with Rippling and emerging AI infrastructure players. The next quarter will reveal how the company balances expansion with the operational demands of a $275 billion purchase pipeline.