Ramp raises $1.85 billion at $60 billion valuation as AI push accelerates

Ramp has raised $1.85 billion at a $60 billion valuation, according to TechCrunch, in a round that closed just four months after the company collected $750 million at a $44 billion valuation. Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led the financing, and a long secondary roster including Fidelity, T. Rowe Price, General Catalyst, Khosla Ventures and Lightspeed also participated. TechCrunch reports the company has now raised roughly $5 billion in total.

The numbers behind the round

Ramp told TechCrunch its annualized revenue has crossed $2 billion, up from a reported $1.5 billion in June, and that its growth rate is 25% faster than it was at this point last year. The company claims annualized purchase volume of more than $275 billion, a 175% increase year over year, and says it now counts 85,000 customers, up from 70,000 in June. Named clients include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.

From expense cards to AI infrastructure

According to TechCrunch, the round follows a steady widening of Ramp's product line beyond expense management into payments, fraud detection, procurement, vendor management and, most recently, accounting. The AI strategy has expanded in parallel. Ramp has embedded AI agents across its procurement, expense, accounting and budgeting products, launched a corporate credit card designed specifically for AI agents to spend with, and in August moved into model routing, a business aimed at the fast-growing inference market that pairs with token usage monitoring and token spend management for existing clients.

Earlier this month the company launched Glass, a workspace that collects and remembers the AI automations, prompts and skills employees build inside an organization so colleagues can reuse them.

Dragoneer partner Christian Jensen said in a statement that Ramp has grown into a far broader platform for financial operations with AI embedded throughout, adding that his firm believes it is "well on its way to becoming one of the defining companies of this era."

Competition shifts from fintech to AI

As TechCrunch notes, Ramp's expanding product set increasingly puts it up against Rippling, the HR and payroll software company that has pushed into corporate cards, expense management and bill payments. The overlap has the two startups competing for the same budgets of corporate finance teams.

But Ramp's best-known investor is aiming at a different target. Keith Rabois, who has backed Ramp through both Founders Fund and Khosla Ventures, told TechCrunch the company is not worried about Rippling and instead intends to compete with Anthropic. In his telling, Ramp will become the primary way companies manage, optimize and measure the return on their token spend, which he expects will put it on a collision course with model providers.

Why it matters

A $16 billion jump in valuation in roughly four months is rare even in a hot market, and it signals how quickly capital is consolidating around fintech companies that can pair strong financials with a credible AI story. Ramp's wager is that as AI agents become a meaningful line of corporate spending, booking software, routing models and burning tokens, whoever manages that spend becomes a strategic layer of the enterprise stack rather than a back-office tool. The bet cuts both ways: if agent-driven and inference spending grows the way investors expect, spend management for AI could rival the card and expense markets Ramp already serves. If it does not, a $60 billion valuation leaves little room for error. Either way, the round marks where venture money believes the next layer of financial infrastructure will be built.