Ramp Raises $1.85B at a $60B Valuation, Four Months After Hitting $44B

Ramp has raised $1.85 billion at a $60 billion valuation, TechCrunch reports. That's just four months after it raised $750 million at $44 billion.

The round was co-led by Dragoneer, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. Ramp says annualized revenue is now over $2 billion, up from a reported $1.5 billion in June, and that it has 85,000 customers, up from 70,000. It puts annualized purchase volume at more than $275 billion, up 175% in a year. Total funding is now about $5 billion.

Ramp started as a corporate card and expense tool, but it's been spreading into payments, procurement, vendor management and accounting, with AI agents built into most of it. It has a card made for AI agents to spend with, a model routing service it launched in August, and Glass, a workspace that saves the prompts and automations employees build so the rest of the company can reuse them.

That growth puts it more and more in Rippling's lane, with both chasing the same finance-team budgets.

— via TechCrunch