Ramp Raises $1.85 Billion at $60 Billion Valuation, Deepens AI Finance Push
Ramp raised $1.85 billion at a $60 billion valuation as annualized revenue topped $2 billion, customers hit 85,000, and AI finance products rapidly expanded.
Summary
On Thursday, October 15, 2026, Ramp raised $1.85 billion at a $60 billion valuation, four months after securing $750 million at $44 billion. Annualized revenue exceeded $2 billion, versus $1.5 billion in June, while growth ran 25% faster than a year earlier. Annualized purchase volume topped $275 billion, up 175%, and customers increased from 70,000 in June to 85,000, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma. Ramp has raised about $5 billion overall.
Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led the round. Participants included 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. Dragoneer partner Christian Jensen said Ramp is becoming a defining AI-powered financial operations company.
Ramp is expanding beyond expense management into payments, fraud detection, procurement, vendor management and accounting, with AI agents embedded across procurement, expenses, accounting and budgeting. It launched a corporate card for AI agents, entered model routing in August for inference, token-use monitoring and spending management, then introduced Glass in October to preserve and share employee automations, prompts and skills. The expansion overlaps Rippling’s move from HR and payroll into cards, expenses and bill payments. Early investor Keith Rabois, who backed Ramp through Founders Fund and Khosla Ventures, said in September that Ramp aims to surpass Anthropic by becoming the primary platform for managing, optimizing and measuring returns on token spending.
Positives
- $1.85 billion of new funding lifted Ramp’s valuation to $60 billion and brought its total capital raised to about $5 billion.
- Annualized revenue surpassed $2 billion after reaching $1.5 billion in June, with growth running 25% faster than a year earlier.
- Annualized purchase volume exceeded $275 billion, representing 175% year-over-year growth.
- Ramp’s customer base reached 85,000, up from 70,000 in June, with Visa, Uber, Shopify and Robinhood among its clients.
- Glass, model routing and an AI-agent corporate card extend Ramp into automation, inference and token-spending management.
Risks & concerns
- Rippling now competes directly for finance-team budgets after expanding from HR and payroll into corporate cards, expenses and bill payments.
- Ramp’s model-routing and token-management ambitions could bring it into competition with Anthropic, according to early investor Keith Rabois.
- Ramp’s revenue, purchase-volume and customer figures are company claims, while profitability and detailed funding terms remain undisclosed.