Ramp reaches $60B valuation as it pushes deeper into AI

Expense management company Ramp has raised $1.85 billion in a new funding round that pushes its valuation to $60 billion. The round comes just four months after the company secured $750 million at a $44 billion valuation. Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth co-led the financing.

Ramp reported that its annualized revenue has surpassed $2 billion, up from $1.5 billion in June. The startup also stated that its annualized purchase volume exceeds $275 billion, marking a 175% increase from a year earlier. Its customer base grew to 85,000 businesses, including Uber, Shopify, and Visa. The fresh capital arrives as Ramp expands beyond its core expense tracking into payments, fraud detection, procurement, vendor management, and accounting.

The firm has integrated automated artificial intelligence agents across its software products. It also launched a corporate credit card built specifically for AI agents, entered the AI model routing market, and introduced a workspace called Glass to store employee-built AI prompts and skills. As its product lineup broadens, Ramp faces direct competition from HR and payroll software provider Rippling for finance-team budgets.

Meanwhile, early investor Keith Rabois stated that Ramp ultimately aims to compete directly with AI developer Anthropic