Ramp announced Thursday that it had secured $1.85 billion at a valuation of $60 billion. That follows a raise of $750 million at a $44 billion valuation just four months ago. The expense management company is working on two connected fronts: automating financial tasks with AI agents and building tools for businesses to manage what they spend on AI models.
Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth jointly led the round. The new investment brings Ramp’s total funding to about $5 billion.
According to Ramp, its revenue and customer base have both grown. The company says annualized revenue has passed $2 billion, compared with the $1.5 billion reported in June. It says its pace of revenue growth is 25% higher than it was at about this point a year ago. Ramp also reports more than $275 billion in annualized purchase volume, representing growth of 175% over the previous year.
Customer numbers have reached 85,000, Ramp says, versus 70,000 in June. Customers include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.
Ramp’s services now extend from expense management to payments, fraud detection, procurement, vendor management and, more recently, accounting. AI agents are part of its procurement, expense management, accounting and budgeting products, as well as tools for other tasks. The company has also released a corporate credit card intended specifically for AI agents.
The expansion reaches beyond financial workflows. In August, Ramp entered the model-routing business to tap the fast-growing market for AI inference and give existing customers a routing service that fits with its current products, including tools that track AI token usage and manage token costs. Its work thus includes helping customers manage the cost of running AI, as well as adding AI capabilities to its software.
Earlier this month, Ramp released Glass. This workspace collects and remembers the AI automations, prompts, and skills an organization’s employees create so colleagues can take advantage of the organization’s collective knowledge and skills.
“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,” Christian Jensen, partner at Dragoneer, said in a statement.
Additional participants in the financing were 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.
As its offerings expand, Ramp is competing more often with Rippling. An HR and payroll software business originally, Rippling now also offers corporate cards, expense management, and bill payments. With products covering the same ground, the two businesses are vying directly for finance teams’ budgets.
But Keith Rabois, an early investor in Ramp, has named a different competitive target. His investments came through Founders Fund and Khosla Ventures, both participants in the latest financing. Rabois discussed the company’s strategy and his ambitions for it during an interview with TechCrunch last month.
“Ramp is not worried about Rippling,” Rabois said. “We’re going to compete with Anthropic,” he continued. “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.”
