Ramp Raises $1.85 Billion at $60 Billion Valuation as AI Business Expands

Financial technology company Ramp has raised $1.85 billion in new funding, lifting its valuation to $60 billion as it expands beyond expense management into artificial intelligence and corporate financial operations.

The October 15 financing comes just four months after Ramp raised $750 million at a $44 billion valuation. Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth co-led the latest round, bringing Ramp’s total funding to about $5 billion.

Ramp Reports Rapid Revenue and Customer Growth

Ramp said its annualised revenue has exceeded $2 billion, compared with $1.5 billion in June. The company also reported that revenue growth is running 25% faster than at the same point last year.

Its annualised purchase volume has surpassed $275 billion, up 175% year-over-year. Ramp now serves more than 85,000 businesses, up from 70,000 in June, with customers including Visa, Uber, Shopify, Robinhood, Figma, Notion and Cursor.

Originally focused on corporate cards and expense management, Ramp has expanded into payments, fraud detection, procurement, vendor management and accounting. Its growing product range increasingly overlaps with Rippling, which has moved beyond HR and payroll software into corporate spending and financial management.

AI Becomes Central to Ramp’s Expansion

Ramp is increasingly positioning itself as a platform for managing business spending on artificial intelligence. The company has introduced AI agents across expense management, procurement, accounting and budgeting, allowing businesses to automate financial workflows and monitor spending.

It has also developed payment capabilities for AI agents, enabling automated systems to make purchases using existing corporate spending controls and approval policies.

In August, Ramp entered the AI model-routing market with a service that selects models for different tasks while helping businesses track token consumption, control inference costs and evaluate AI spending.

Earlier this month, Ramp introduced Glass, an AI workspace that lets employees share prompts, automations, and reusable skills across their organisations. The platform is designed to preserve knowledge developed by individual employees and make it accessible to colleagues rather than requiring teams to recreate the same workflows.

Dragoneer partner Christian Jensen said Ramp’s expansion into AI-powered financial operations has strengthened its position as an enterprise software company.

Ramp Eyes Competition Beyond Traditional Fintech

The company’s ambitions increasingly extend beyond traditional expense management. Early investor Keith Rabois, whose firms Founders Fund and Khosla Ventures participated in the latest round, suggested that Ramp’s longer-term competition could include AI companies such as Anthropic.

Rabois argued that managing AI token spending, optimising model usage, and measuring returns on AI investments could become central business functions. His comments reflect investor expectations that enterprise AI spending management will become a significant market.

The $60 billion valuation sets high expectations for Ramp’s continued growth. While its expanding customer base and revenue show strong demand, the company must prove its newer AI products can generate lasting value alongside its established financial services.

For now, Ramp’s latest funding gives it additional resources to compete for a larger share of enterprise technology budgets as financial management and AI operations become increasingly connected.