Ramp Raises $1.85B at $60B Valuation

Ramp has raised $1.85 billion at a $60 billion valuation, extending its rapid expansion from corporate cards into a broader AI-enabled finance platform.

What happened

The financing was co-led by Dragoneer, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. Ramp says annualised revenue has passed $2 billion, annualised purchase volume exceeds $275 billion and it serves roughly 85,000 customers. Those figures are company-reported rather than independently audited. The company is expanding beyond cards and expense management into payments, procurement, vendor management, fraud detection and accounting automation. AI is increasingly being embedded across those workflows to automate repetitive finance tasks and surface decisions from transaction data.

Why it matters

Ramp already sits on top of a large stream of business spending data, giving it a strong base from which to automate adjacent finance processes. The new valuation suggests investors see more value in an integrated financial operating system than in a standalone card or expense product. If AI reduces the manual work involved in accounts payable, procurement and accounting, Ramp could increase both customer retention and revenue per account.

The bigger picture

The round is also a signal for late-stage venture markets: investors are still willing to deploy very large amounts of capital into fintech companies that combine strong reported growth with credible AI expansion. Ramp's challenge is proving that its broader product suite can sustain margins and adoption at this scale.