Expense management company Ramp announced a $1.85 billion funding round on Thursday, pushing its valuation to $60 billion just four months after a $44 billion valuation. The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. Ramp reported annualized revenue surpassing $2 billion, up from $1.5 billion in June, and a 25% faster revenue growth compared to last year, according to techcrunch.com.
Ramp’s funding round follows rapid growth in its customer base and transaction volume. The company now serves 85,000 customers, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma. Its annualized purchase volume increased 175% year-over-year to over $275 billion. Ramp has expanded beyond expense management into payments, fraud detection, procurement, vendor management, and accounting, embedding AI agents across these products to enhance functionality.
Ramp’s AI integration includes launching a corporate credit card designed for AI agents and entering the AI model routing market in August. This move taps into the growing AI inference sector and complements its existing offerings like AI token usage monitoring and token spend management. The company also introduced Glass, a workspace that collects and remembers data, further embedding AI into its platform. Ramp’s growth and AI focus position it as a significant player in the fintech and AI-enabled expense management market.
Ramp’s latest funding round and valuation underscore its rapid expansion and AI-driven product development. The company’s annualized revenue exceeding $2 billion and its customer base growth to 85,000 highlight its market traction. The next milestone for Ramp will be how it leverages this capital to scale its AI capabilities and broaden its financial services portfolio.