Ramp Valued at $6 Billion as AI Demand Drives Growth

The funding comes as Ramp's annual revenue surpasses $2 billion and its customer base reaches 85,000.

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Spending management firm Ramp said Thursday that it has raised $1.85 billion in a new investment round that values it at $60 billion, just four months after raising $750 million at a $44 billion valuation.

The financing was led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth.

Ramp said its annual revenue has passed $2 billion from the $1.5 billion it reported in June, and its revenue growth is 25 percent faster than this time last year. The company claims it now facilitates more than $275 billion in annual purchase volume, up 175 percent from last year. It also says it has 85,000 customers, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.

The funding comes as Ramp expands beyond expense management to include payments, fraud detection, procurement, vendor management and, more recently, even accounting.

The startup has also built an AI story around itself, embedding AI agents into its procurement, cost management, accounting, budgeting and other products. It also launched a corporate credit card designed specifically for use by AI agents, and in August entered the model routing business to tap into the booming AI inference market and offer existing customers a model routing service that fits well with its current products, including AI token usage monitoring and token cost management.

Earlier this month, Ramp launched Glass, a workspace that collects and remembers AI automations, messages and skills created by an organization's employees so others can tap into the company's collective knowledge and skills.

Christian Jensen, partner at Dragoneer, said in a statement: "In just a few years, Ramp has evolved into a much broader financial operations platform, with artificial intelligence deeply embedded in how the company is built and operated. We believe Ramp is on track to become one of the defining companies of this era."

Other investors in this round 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.

The company has now raised about $5 billion in capital.

As Ramp has expanded its product line, it has increasingly encountered Rippling, an HR and payroll software company that has been working on corporate cards, expense management and bill payments. The overlap puts the two companies in direct competition for the same finance team's budgets.

Seed investor Keith Rabois, who has backed Ramp through Founders Fund and Khosla Ventures, which both participated in the round, spoke to TechCrunch last month about Ramp's strategy and his big ambitions for the company.

"The ramp isn't worried about rippling," Robois said. "We will compete with Entropic," he continued. This is the goal. I want to be bigger and more successful and more important than Entropic. "Ramp is the way people manage their crypto spend, how they optimize it, how they measure ROI, and that makes us likely to deal with entropy in a lot of ways."

— with additional reporting by Connie Loizos

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