Ramp Hits $60 Billion Valuation on $1.85 Billion Raise

Ramp is now worth $60 billion. The expense management company said Thursday it raised $1.85 billion at that valuation, just four months after raising $750 million at $44 billion. The jump adds $16 billion of paper value in roughly one quarter. Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led the round.

The numbers behind the round are large. Ramp said annualized revenue crossed $2 billion, up from a reported $1.5 billion in June. Revenue growth runs 25% faster than at the same point last year. The company claims annualized purchase volume above $275 billion, up 175% year over year. Its customer base grew from 70,000 in June to 85,000, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.

What is Ramp building beyond expense management?

The product lineup has widened well beyond corporate cards. Ramp now sells payments, fraud detection, procurement, vendor management and, most recently, accounting. The bigger story is AI. The startup has embedded AI agents across procurement, expense management, accounting and budgeting products.

Three moves stand out:

• A corporate credit card designed for AI agents to use
• A model routing business, launched in August, targeting the AI inference market, paired with token usage monitoring and token spend management
• Glass, launched this month, a workspace that collects and remembers employee-built AI automations, prompts and skills so colleagues can reuse them

Christian Jensen, partner at Dragoneer, framed the bet in a statement: "In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates. We believe Ramp is well on its way to becoming one of the defining companies of this era."

Who put money in?

The co-leads brought a long syndicate with them. The round included 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. Ramp has now raised about $5 billion in total funding.

Why does Keith Rabois talk about Anthropic?

The expansion has put Ramp on a collision course with Rippling, the HR and payroll software company that pushed into corporate cards, expense management and bill payments. The two now compete directly for the same finance-team budgets. But early investor Keith Rabois, who has backed Ramp through both Founders Fund and Khosla Ventures, aims higher. He told TechCrunch last month that the real rivalry sits in AI.

"Ramp is not worried about Rippling," Rabois said. "We're worried about we're going to compete with Anthropic. That's the goal. I want to be larger and more successful and more important than Anthropic. And you've seen some of the steps that we've taken recently. The future of the world is driven through tokens and equivalent, and Ramp is going to be the primary way people manage their token spend, how they optimize it, how they measure ROI, and that will lead us to collide probably with Anthropic in many ways."

That claim explains the valuation math. Ramp is pricing itself not as a card issuer but as the control layer for corporate AI spending. If token consumption becomes a budget line as standard as travel, Ramp wants to own the meter. The $60 billion figure says investors are willing to pay now for that position before the market fully exists.