Fintech Firm Ramp Raises $1.85 Billion in New Funding Round
US-based fintech firm Ramp has secured approximately $1.85 billion in funding. Thrive Capital and Dragoneer Investment Group led the round.
New York-based fintech firm Ramp has raised approximately $1.85 billion in funding at a pre-money valuation of around $60 billion. The round was led by Thrive Capital and Dragoneer Investment Group, with participation from Founders Fund.
Founded in 2019, Ramp provides corporate spend management and finance software. Its product offerings include expense reporting, payment processing, and AI-powered fraud detection. The company had previously raised $750 million in June at a $44 billion valuation.
Ramp reported in June that it was working with 70,000 businesses, an increase from earlier in the year, and its annualized revenue had surpassed $1.5 billion. The company has also been expanding its artificial intelligence capabilities, including a tool that routes tasks through less expensive models where feasible.
The company is now the highest-valued startup focused on corporate spend management. Its former closest competitor, Brex, was acquired by Capital One Financial earlier this year for $5.15 billion.