Ramp said Thursday it raised $1.85 billion in a funding round valuing the expense-management company at $60 billion, just four months after a $750 million round at $44 billion. The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, with participation from a long list of existing and new investors.
Ramp says annualized revenue has crossed $2 billion, up from a reported $1.5 billion in June, and that revenue growth is 25% faster than a year ago. It now claims 85,000 customers, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma, and says annualized purchase volume exceeds $275 billion, up 175% from a year earlier.
The company has expanded well beyond expense management into payments, fraud detection, procurement, vendor management, and accounting. It has also leaned into AI: embedding agents across its products, launching a corporate credit card for AI agents, entering the model-routing business in August, and earlier this month introducing Glass, a workspace for sharing employees' AI automations and prompts.
Dragoneer partner Christian Jensen said in a statement that Ramp is "well on its way to becoming one of the defining companies of this era." Early investor Keith Rabois went further, telling TechCrunch last month that Ramp is not worried about rival Rippling and instead aims to compete with Anthropic, positioning Ramp as the primary way organizations manage token spend and measure AI ROI.