Ramp reaches $60B valuation as it pushes deeper into AI

Expense management company Ramp said Thursday that it raised $1.85 billion in a new funding round that values it at $60 billion, just four months after raising $750 million at a $44 billion valuation. The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, with additional backing from more than two dozen other investors, including Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, General Catalyst, Coatue, and Lightspeed Venture Partners.

Ramp said its annualized revenue has crossed $2 billion, up from a reported $1.5 billion in June, with revenue growth running 25% faster than around this time last year. The company says it now facilitates annualized purchase volume of over $275 billion, up 175% from a year earlier, and counts 85,000 customers, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.

The funding comes as Ramp has pushed beyond expense management into payments, fraud detection, procurement, vendor management, and, more recently, accounting. The startup has built an AI identity around itself, embedding AI agents into its procurement, expense management, accounting, budgeting, and other products; it has also launched a corporate credit card designed for AI agents to use and, in August, entered the model-routing business to tap the AI-inference market, giving existing clients a routing service alongside its AI token-usage monitoring and spend-management tools. Earlier this month, Ramp launched Glass, a workspace that collects the AI automations, prompts, and skills employees build so others across an organization can reuse them.

As Ramp’s product lineup has widened, it has increasingly run into Rippling, the HR and payroll company that has pushed into corporate cards, expense management, and bill payments, putting the two in direct competition for the same finance-team budgets. Keith Rabois, an early Ramp investor through both Founders Fund and Khosla Ventures — which both joined this round — told TechCrunch last month that “Ramp is not worried about Rippling.” “We’re going to compete with Anthropic,” he said. “That’s the goal. I want to be larger and more successful and more important than Anthropic. 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.”

The company has now raised about $5 billion in total funding.

Why it matters

Ramp’s jump to a $60 billion valuation in four months shows investors still betting heavily on AI-native finance platforms. Rabois’s framing of the next competitive fight as being with Anthropic, not Rippling, signals Ramp intends to compete on managing enterprise AI token spend as much as on expense management.