Expense management company Ramp announced on Thursday that it has raised $1.85 billion in a new funding round, bringing its valuation to $60 billion. This funding comes just four months after the company raised $750 million at a valuation of $44 billion.
Funding Details
The financing was co-led by:
- Dragoneer Investment Group
- Thrive Capital
- Founders Fund
- Sands Capital
- Avenir Growth
Ramp reported that its annualized revenue has surpassed $2 billion, an increase from $1.5 billion in June. The company’s revenue growth is now 25% faster than it was at the same time last year. Ramp claims to facilitate an annualized purchase volume of over $275 billion, a 175% increase from a year earlier. The company has also expanded its customer base to 85,000, up from 70,000 in June, with notable clients including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.
Expansion into New Areas
The funding comes as Ramp is expanding its services beyond expense management to include:
- Payments
- Fraud detection
- Procurement
- Vendor management
- Accounting
Ramp has integrated AI into its products, launching a corporate credit card designed for AI agents and entering the model routing business to tap into the growing AI inference market. Earlier this month, Ramp introduced Glass, a workspace that collects and retains AI automations, prompts, and skills developed by employees, allowing others in the organization to benefit from collective knowledge.
