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 accounting.

The startup has also built an AI story around itself, embedding AI agents into its procurement, expense management, accounting, budgeting, and other products. It also launched a corporate credit card specifically designed for AI agents to use, and in August entered the model routing business to tap the booming AI inference market and give existing clients a model routing service that fits neatly with its current products, including AI token usage monitoring and token spend management.

Earlier this month, Ramp launched Glass, a workspace that collects and remembers the AI automations, prompts and skills that an organization’s employees build so others can take advantage of the company’s collective knowledge and skills.

“In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates. We believe Ramp is well on its way to becoming one of the defining companies of this era,” Christian Jensen, partner at Dragoneer, said in a statement.

Other investors in the round include Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, 8VC, 1789 Capital, Alpha Wave Global, Ontario Teachers’ Pension Plan, Coatue, D.E. Shaw, Definition Capital, FirstMark, General Catalyst, Generation Investment Management, Glade Brook Capital Partners, Khosla Ventures, Lightspeed Venture Partners, Pinegrove Opportunity Partners, Soma Capital, and Stripes.

The company has now raised about $5 billion in funding.

As Ramp has widened its product lineup, it has increasingly run into Rippling, the HR and payroll software company that has pushed into corporate cards, expense management, and bill payments. The overlap puts the two companies in direct competition for the same finance-team budgets.

Early investor Keith Rabois, who has backed Ramp through two firms, Founders Fund and Khosla Ventures, both of which participated in this round, spoke to TechCrunch last month about Ramp’s strategy and his own big ambitions for the company.

“Ramp is not worried about Rippling,” Rabois said. “We’re going to compete with Anthropic,” he continued. “That’s the goal. I want to be larger and more successful and more important than Anthropic. Ramp is going to be the primary way people manage their token spend, how they optimize it, how they measure ROI, and that will lead us to collide probably with Anthropic in many ways.”

— With additional reporting from Connie Loizos