Ramp valuation reaches $60B amid AI expansion

Expense management company Ramp announced on Thursday that it has raised $1.85 billion in a new funding round, bringing its valuation to $60 billion. This latest funding comes just four months after the company secured $750 million at a $44 billion valuation.

The funding round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. Ramp reported that its annualized revenue has surpassed $2 billion, with customer numbers reaching 85,000. The company indicates substantial growth in both revenue and customer base over the past year.

Ramp has been expanding its offerings beyond core expense management to include payments, fraud detection, procurement, vendor management, and accounting services. A key part of this expansion involves deep integration of artificial intelligence, with the development of AI agents to support various platform functionalities. The company also launched a corporate credit card designed for AI agents and a model routing service.

Most recently, Ramp introduced "Glass," a workspace designed to collect and store AI automations and prompts developed by employees, promoting shared knowledge. Investors view Ramp's aggressive AI integration as a significant factor positioning it as a defining company of the current era.