Ramp Raises $1.85 Billion at $60 Billion Valuation as Annualised Revenue Tops $2 Billion

Ramp, the New York-based financial operations platform, has raised $1.85 billion in primary financing at a $60 billion valuation, marking another major milestone for the fintech company. The latest round comes roughly four months after its previous $750 million financing at a $44 billion valuation, highlighting the company's rapid growth and rising investor confidence.

Founded in 2019, Ramp has expanded beyond its original corporate card offering to provide businesses with tools for expense management, purchasing, payments, financial automation, and AI-related cost control. The company now reports more than $2 billion in annualised revenue and serves over 85,000 businesses.

Ramp's $1.85 Billion Funding Round

Dragoneer Investment Group led the latest financing round, with Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth also serving as co-leads. The round attracted participation from a broad group of institutional investors, including Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, Coatue, General Catalyst, Khosla Ventures, Lightspeed Venture Partners, and Tiger Global, among others.

The company's latest financing values Ramp at $60 billion, compared with $44 billion in June 2026. According to the source report, Bloomberg described the new valuation as pre-money, although Ramp's own statement did not specify whether the figure was pre-money or post-money.

Ramp has now raised approximately $5 billion in total equity financing. Its valuation has climbed through several funding milestones, including $13 billion, $16 billion, $22.5 billion, and $44 billion before reaching the latest $60 billion mark.

The scale of the latest valuation also illustrates Ramp's position in the corporate financial software market. Its valuation is approximately 11.7 times the $5.15 billion that Capital One agreed to pay for Brex, a major competitor in corporate cards and expense management. Capital One has since completed that acquisition.

Founders and the Evolution of Ramp

Ramp was founded in 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee. Glyman and Atiyeh previously built Paribus, a price-tracking startup acquired by Capital One in 2016.

The founders subsequently established Ramp with a broader ambition: helping businesses manage spending while reducing the administrative work associated with finance operations. The company initially gained traction through corporate cards and expense management before expanding into a wider financial operations platform.

On June 25, 2026, Karim Atiyeh became co-CEO alongside Eric Glyman, giving the two co-founders shared leadership of the business.

Ramp's expansion reflects a wider shift in enterprise software. Companies increasingly want financial tools that do more than record transactions. They want systems that can identify unnecessary spending, automate repetitive processes, and provide finance teams with better visibility into purchasing and payments.

Revenue Growth and Business Performance

Ramp says its annualised revenue has surpassed $2 billion. The company defines this measure as including interchange, subscriptions, interest, and other revenue, while excluding incentives paid to customers.

Its platform is now used by more than 85,000 companies, including Visa, Uber, Shopify, Robinhood, Fanatics, Notion, and Cursor.

These businesses collectively account for more than $275 billion in annualised purchase volume processed through Ramp, a figure the company says has increased 175% year over year.

Ramp also reports that customers save more than $1 billion per month. According to the company, the median customer saves 7.5%, compared with 5% a year earlier, while completing transactions with 22% less manual work.

Product adoption is also expanding. The majority of Ramp's customers use at least two of its products, and a quarter use three or more. This matters because broader product adoption can make the platform more useful to finance teams while giving the company more opportunities to generate revenue from each customer.

Ramp says revenue is growing 25% faster than it was at the same point last year. The number of customers generating more than $100,000 in revenue for Ramp has also increased 113% year over year.

The company is cash-flow positive, according to the report, giving it an additional financial advantage as it expands its product range and invests in artificial intelligence.

Ramp's Next Focus: Managing AI Costs

One of Ramp's next priorities is helping companies control the growing costs associated with artificial intelligence.

As businesses deploy more AI models and agents, their expenses increasingly include model inference, token consumption, and the infrastructure needed to run automated workflows. These costs can be difficult to track across teams, tools, and providers.

Ramp is positioning its platform to address this challenge through AI cost-control capabilities. Its plans include tracking token usage and routing workloads in ways intended to reduce inference expenses.

The opportunity extends Ramp's existing focus on financial visibility and spending discipline into a new category of enterprise expenditure. Instead of managing only conventional purchases, subscriptions, and employee expenses, businesses could use similar controls to monitor and optimise their AI spending.

Investors have also highlighted the company's use of AI internally. Christian Jensen, a partner at Dragoneer Investment Group, described Ramp as a market leader that is still growing quickly, pointing to AI as part of how the company builds and operates. Barron Martin, managing partner at Sands Capital, said AI could help Ramp automate more of the finance function.

The longer-term opportunity is to bring spending control, routine finance automation, and AI cost management into a single operating system for business finance.

Competition and Valuation Questions

Ramp's $60 billion valuation represents roughly 30 times its annualised revenue of more than $2 billion. That multiple reflects expectations for continued growth, but it also raises questions about how the company will sustain its performance as the financial software market becomes more competitive.

The broader category includes companies such as Navan, Flex, Payhawk, and Mercury, each operating in adjacent areas of business spending, travel and expense management, payments, or financial services.

Their valuations are not directly comparable because the businesses have different products, revenue models, growth rates, and financial profiles. Still, their performance illustrates the range of outcomes possible in the sector. Navan, for example, went public in October 2025 at a valuation below its earlier private-market valuation.

The overall market remains substantial. Fortune Business Insights estimates that the global business spend management software market reached $25.98 billion in 2025 and could grow to $66.31 billion by 2034.

Ramp's challenge will be to convert its strong growth and large customer base into a durable position across the broader finance function. Its expansion into AI cost control could create another growth opportunity, but execution and continued customer adoption will be important.

With $1.85 billion in fresh financing, more than $2 billion in annualised revenue, and a $60 billion valuation, Ramp is entering its next phase with significant investor backing. Its ability to combine traditional spending management with finance automation and AI cost optimisation will help determine whether it can maintain its momentum.