Key facts
- Ramp's valuation reached $60 billion in a new funding round.
- The company's annualized revenue has surpassed $2 billion.
- Ramp has 85,000 customers, including Visa and Uber.
- Ramp is expanding into AI agents, model routing, and AI automations.
- Ramp aims to compete with AI companies like Anthropic.
Expense management company Ramp announced on Thursday that it has raised $1.85 billion in a new funding round, valuing the company at $60 billion. This latest financing round comes just four months after Ramp secured $750 million at a $44 billion valuation. The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. Ramp reported that its annualized revenue has surpassed $2 billion, a significant increase from $1.5 billion in June, with revenue growth accelerating by 25% compared to the previous year. The company also stated its annualized purchase volume has exceeded $275 billion, a 175% increase year-on-year, and it now serves 85,000 customers, up from 70,000 in June. Key clients include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma. The company is expanding its offerings beyond expense management to include payments, fraud detection, procurement, vendor management, and accounting services. Ramp is also integrating AI agents into its products for procurement, expense management, accounting, and budgeting. It has launched a corporate credit card for AI agents and a model routing business to support the AI inference market, offering AI token usage monitoring and spend management. Earlier this month, Ramp introduced Glass, a workspace for AI automations and prompts. Christian Jensen, partner at Dragoneer, expressed confidence in Ramp's growth, stating it is becoming a broad financial operations platform with deeply embedded AI. Early investor Keith Rabois indicated Ramp's ambition to compete with AI companies like Anthropic, aiming to manage token spend and optimize ROI.