Expense management firm Ramp raises $1.85 billion, valuation hits $60 billion
US company Ramp, which offers an expense management platform, has closed a new $1.85 billion funding round at a $60 billion valuation, four months after a round that valued it at $44 billion.
Ramp, a company that builds expense management software for businesses, announced on Thursday a new funding round of $1.85 billion. The deal values the company at $60 billion. The previous round took place four months ago, when Ramp raised $750 million at a $44 billion valuation.
The round was co-led by investment firms Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. Many other investors took part, including Fidelity, T. Rowe Price, D1 Capital Partners, General Catalyst, Khosla Ventures and Ontario Teachers’ Pension Plan. In total, Ramp has now raised about $5 billion.
Growth figures
Ramp says its annualized revenue has passed $2 billion, compared with a reported $1.5 billion in June. The company says revenue growth is 25% faster than at this time last year. It also says it handles annualized purchase volume above $275 billion, up 175% from a year earlier. Its customer base grew from 70,000 in June to 85,000, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.
Push into AI
Ramp has expanded from expense management into payments, fraud detection, procurement, vendor management and, more recently, accounting. It has embedded AI agents in its products, launched a corporate credit card designed for use by AI agents, and entered the model routing business in August. Earlier this month it released Glass, a workspace that collects the AI automations, prompts and skills built by employees so colleagues can reuse them.
Christian Jensen, a partner at Dragoneer, said in a statement that Ramp has become a much broader financial operations platform.
Competition
As its product range has widened, Ramp has increasingly collided with Rippling, an HR and payroll software company that has moved into corporate cards, expense management and bill payments. Early investor Keith Rabois, who has backed Ramp through Founders Fund and Khosla Ventures, told TechCrunch last month that Ramp is not worried about Rippling and aims to compete with AI company Anthropic in managing token spend.
