Ramp reaches $60B valuation as it pushes deeper into AI
The funding comes as Ramp's annualized revenue crosses $2B, and its customer count reaches 85,000.
Key points
- Ramp raised $1.85 billion at a $60 billion valuation, four months after a $44 billion round.
- Annualized revenue crossed $2 billion, up from $1.5 billion in June.
- Ramp has embedded AI agents across its products and launched a card for AI agents.
Expense management company Ramp said on Thursday it raised $1.85 billion in a new funding round that values it at $60 billion. The round comes just four months after Ramp raised $750 million at a $44 billion valuation.
The financing was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. Ramp said it has now raised about $5 billion in total funding.
Revenue and customer growth
Ramp said its annualized revenue has crossed $2 billion, up from a reported $1.5 billion in June, with revenue growth 25% faster than a year earlier. The company says it now facilitates over $275 billion in annualized purchase volume, up 175% from a year ago.
Ramp says it has 85,000 customers, up from 70,000 in June. They include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.
Ramp is not worried about Rippling. We’re going to compete with Anthropic. That’s the goal.
— Keith Rabois
AI expansion and competition
Ramp has expanded beyond expense management into payments, fraud detection, procurement, vendor management and accounting. It has embedded AI agents into those products, launched a corporate credit card for AI agents and entered model routing to tap the AI inference market.
Earlier this month, Ramp launched Glass, a workspace that collects and remembers AI automations, prompts and skills built by employees. As its lineup has widened, Ramp has increasingly run into Rippling in corporate cards, expense management and bill payments.
