Ramp raises $1.85 billion at a $60 billion valuation

The new funding gives Ramp more room to widen its AI-powered finance platform as its customer base and payment volume keep growing.

Ramp has raised $1.85 billion at a $60 billion valuation, a jump that shows how aggressively the finance software company is expanding beyond spend management into a broader AI-enabled operating platform. The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, and brings Ramp’s total funding to about $5 billion. Ramp says annualized revenue has passed $2 billion, annualized purchase volume is above $275 billion, and it now has 85,000 customers. Its recent product push includes AI agents across finance workflows, a card for AI agents, a model-routing offering launched in August, and Glass, which debuted earlier this month to share an organization’s prompts, automations, and skills. The company’s expansion is also putting it in closer competition with Rippling, while investors such as Dragoneer and Keith Rabois are framing Ramp as a company with ambitions far beyond expense management.