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

Expense management company Ramp said on Thursday that it had raised $1.85 billion in a new funding round that values it at $60 billion, just four months after raising $750 million at a $44 billion valuation.

The financing was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth.

Ramp said its annualized revenue has crossed $2 billion, up from a reported $1.5 billion in June, and that its revenue growth is 25% faster than it was around this time last year. The company claims it now facilitates annualized purchase volume of over $275 billion, up 175% from a year earlier. It also says it has 85,000 customers, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.

The funding comes as Ramp has been expanding beyond expense management into payments, fraud detection, procurement, vendor management, and, of late, even...

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