Ramp raises $1.85B at $60B valuation as AI expansion accelerates

Funding and growth

Ramp said on Thursday that it raised $1.85 billion in a new funding round at a $60 billion valuation, up from $44 billion four months earlier. The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth, with participation from investors including Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, Coatue and Khosla Ventures. The company has now raised about $5 billion.

Ramp said annualized revenue has crossed $2 billion, compared with a reported $1.5 billion in June, and that revenue growth is running 25% faster than around the same point last year. It said annualized purchase volume is over $275 billion, up 175% from a year earlier, and that it has 85,000 customers, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.

AI and product expansion

Ramp has expanded beyond expense management into payments, fraud detection, procurement, vendor management and accounting. It has embedded AI agents in procurement, expense management, accounting, budgeting and other products, launched a corporate credit card designed for AI agents, and in August entered model routing to serve AI inference demand with services such as token usage monitoring and token spend management. Earlier this month it launched Glass, a workspace that collects and remembers AI automations, prompts and skills built by employees so organizations can reuse that collective knowledge.

Competition and ambition

Dragoneer partner Christian Jensen said Ramp has become a broader financial operations platform with AI embedded in how the company builds and operates, adding that he believes Ramp is on its way to becoming one of the defining companies of this era. The product overlap also puts Ramp in direct competition with Rippling for finance team budgets. Early investor Keith Rabois said, "Ramp is not worried about Rippling." He added, "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."

Sources: TechCrunch · Techmeme