Expense management platform Ramp has secured $1.85 billion in new funding, pushing its valuation to $60 billion.
The round highlights rapid growth as Ramp's annualized revenue crosses $2 billion and the company rolls out new AI agent strategies and automated developer-adjacent tooling.
The new funding round was led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth, with participation from Capital International, Fidelity, T. Rowe Price, D1 Capital, Greenoaks, ICONIQ, GIC, 8VC, Coatue and Khosla Ventures. With this new funding, Ramp’s total capital raised reaches $5 billion.
Financial figures and customers
The company's annual revenue has surpassed $2 billion, up from $1,5 billion reported last June. The company also facilitates annual purchase volume exceeding $275 billion, up 175% from last year.
Ramp announced that it has 85.000 customers, up from 70.000 in June. Its client list includes major companies such as Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.
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Expansion into new services and artificial intelligence
In recent years, Ramp has expanded its operations beyond expense management, offering payments, fraud detection, procurement, partner management, and accounting services.
The company has built a strategy around artificial intelligence, integrating smart programs into its products. Among other things, it launched a corporate credit card designed for such programs, and earlier this month introduced Glass, a workspace for storing automations, instructions and employee skills.
As Ramp expands its operations, it is increasingly competing with Rippling, a payroll and HR software company that has expanded into corporate cards and expenses. According to early investor Keith Rampois, Ramp has the ambition to compete with large companies in the space and become the primary way users manage their spending and return on their investments.
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