Ramp raises $1.85B at a $60B valuation, four months after its last round

TLDR

• Ramp, the corporate card and spend-management company, raised $1.85 billion at a $60 billion valuation, led by Dragoneer.¹⁴
• The valuation is up from $44 billion four months ago.²³
• Revenue, by Ramp's own figures, now tops $2 billion annualised, up from a reported $1.5 billion in June.¹²

Ramp announced on 15 October that it had raised a $1.85 billion primary financing round at a $60 billion valuation.¹⁴ Dragoneer Investment Group led, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-leading, and more than 20 other investors took part, including Fidelity, T. Rowe Price, GIC, Coatue, General Catalyst, Khosla Ventures and Lightspeed.¹² The previous round, reported by TechCrunch in June, raised $750 million at $44 billion and was led by ICONIQ, GIC and Ontario Teachers' Pension Plan.³ Ramp says it has now raised about $5 billion in equity in total.¹

Ramp says it generates more than $2 billion in annualised revenue with positive cash flow, serves more than 85,000 companies, and processes over $275 billion in annualised purchase volume, up 175% year on year.¹⁴ TechCrunch noted that the customer count was 70,000 in June, and that Bloomberg had then put run-rate revenue above $1.5 billion.²³ The company also says its median customer saves 7.5%, up from 5% a year ago. These are Ramp's own figures as of 1 October.¹

The company began with expense management and has widened into payments, fraud detection, procurement, vendor management and accounting.² Its recent launches centre on AI: Glass, a shared AI workspace; Ramp Accounts Receivable; AI Token Spend Management for tracking spend across model providers; and Router.com, a model-routing service that Ramp says cuts inference costs by up to 40%.¹ TechCrunch reported that Ramp competes for finance-team budgets with Rippling, and quoted early investor Keith Rabois, who backed Ramp through both Founders Fund and Khosla Ventures, as saying last month that he wants Ramp to be "larger and more successful and more important than Anthropic".²

On the lead investor, Dragoneer, an existing backer, co-led Wealthsimple's Series E of up to C$750 million with GIC in October 2025, which BetaKit reported at a $10 billion post-money valuation.⁵

Why it matters: a fintech valued at $60 billion four months after $44 billion shows how heavily late-stage investors are rewarding finance platforms that tie themselves to AI spending, and the test ahead is whether Ramp's growth, which it says is 25% faster than at this point last year, can hold at what co-founder Eric Glyman calls more than twice the size it was a year ago.¹