Ramp Raises $1.85B at $60B Valuation as Fintech Startup Doubles Down on AI

Ramp is raising money like a public company while staying private on purpose. The New York fintech startup said Thursday it has raised $1.85 billion in fresh funding at a $60 billion valuation, adding $16 billion to its value in just four months as it pushes deeper into artificial intelligence and corporate finance automation.

The round was led by Dragoneer Investment Group, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth as co-leads. Other participants included Fidelity Management & Research Company, T. Rowe Price, GIC and Coatue, the company said.

Including the new round, Ramp says it has raised roughly $5 billion in total equity financing.

The latest valuation marks a roughly 36% jump from June, when Ramp raised $750 million at a $44 billion valuation.

Founded in 2019, the company provides corporate cards, payments and expense-management software, but in recent years it has broadened into a full financial-operations platform spanning procurement, vendor management, fraud detection and treasury functions.

What sets Ramp apart in a market increasingly nervous about AI-era valuations is the scale of the numbers it reports. Annualized revenue has crossed $2 billion, up from a reported $1.5 billion in June, with positive cash flow, the company said.

Its 85,000 business customers collectively generate more than $275 billion in annualized purchase volume, up 175% from a year earlier.

The customer roster includes Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma. In a blog post, the company said its customers save over $1 billion a month using Ramp, and that in September alone it saved them 1.5 million hours of manual finance work.

The funding lands as Ramp deliberately builds an AI narrative around its finance platform.

It has embedded AI agents into procurement, expense management, accounting and budgeting, launched a corporate credit card designed for AI agents to use, and in August entered the model-routing business, selling existing customers a service that routes AI inference calls while monitoring AI token usage and spend.

Earlier this month it also launched Glass, a workspace that collects and remembers the AI automations, prompts and skills employees build so the rest of the company can reuse them.

Dragoneer partner Christian Jensen said Ramp was becoming one of the defining companies of its era, calling it a much broader financial operations platform with AI deeply embedded in how it builds and operates.

The raise positions Ramp among the most valuable private tech companies in the world, with a valuation typically reserved for much larger financial institutions.

The company says it will use the capital to keep expanding its financial-automation platform and its AI product line, at a moment when investors are growing more selective about which startups deserve premium valuations.