The key facts

  • Ramp raised $1.85 billion at a $60 billion valuation — $16 billion higher than its valuation four months ago
  • Annual revenue exceeded $2 billion, customers reached 85,000, and annual purchase volume surpassed $275 billion
  • The company is developing its AI direction: agents, a card for AI agents, model routing, and the Glass product

New round and growth in metrics

Ramp, a company specializing in expense management, said it has raised $1.85 billion in a new funding round at a $60 billion valuation. This came just four months after a $750 million round at a $44 billion valuation. The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. Other participants 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. In total, the company has raised about $5 billion over its history.

Company metrics

According to Ramp, its annual revenue exceeded $2 billion, up from $1.5 billion in June, and its revenue growth rate is 25% higher than a year earlier. The company says it enables an annual purchase volume of over $275 billion — a 175% increase year over year. The number of customers has reached 85,000 (70,000 in June); among them are Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.

Expansion into AI

Ramp is going beyond expense management, developing payments, fraud detection, procurement, vendor management and, most recently, accounting. The company has embedded AI agents into its procurement, expense management, accounting and budgeting products, launched a corporate credit card designed for use by AI agents, and in August entered the model routing business, offering customers a routing service along with token spend monitoring and management of those costs. In early October, Ramp launched Glass — a workspace that collects and preserves AI automations, prompts and skills created by employees, so that others can benefit from the organization's collective experience.

Valuations and competition

Dragoneer partner Christian Jensen said that in just a few years Ramp has become a much broader financial operations platform with deeply embedded AI and, in his view, is on its way to becoming one of the defining companies of this era. As Ramp expands its product line, it increasingly overlaps with Rippling — an HR and payroll software company that has also moved into corporate cards, expense management and bill pay; the two companies compete for the budgets of the same finance teams. Early investor Keith Rabois, who backed Ramp through Founders Fund and Khosla Ventures (both funds participated in the round), told TechCrunch: "Ramp isn't worried about Rippling. We're going to compete with Anthropic. That's the goal. I want Ramp to be bigger, more successful and more important than Anthropic. Ramp will become the primary way people manage token spend, optimize it and measure ROI, and that will likely put us on a collision course with Anthropic in many ways."