Ramp raises $1.85B at $60B valuation, up $16B in four months
What's the deal? Fintech startup Ramp has raised about $1.85 billion at a roughly $60 billion pre-money valuation, Bloomberg reported, citing people familiar with the matter. Dragoneer Investment Group and Thrive Capital led the round, with Founders Fund writing a large cheque.
What does Ramp do? Founded in 2019 and based in New York, it sells corporate cards and tools for expense reporting, payments processing, and AI-powered fraud detection.
Why now? The round confirms talks Bloomberg first reported in September. It comes just four months after Ramp raised $750 million at a $44 billion valuation — a $16 billion jump in valuation since June.
By the numbers: Ramp said in June it worked with 70,000 businesses, up from 50,000 at the start of the year. Its annualised revenue had passed $1.5 billion by then, Bloomberg reported.
What's the endgame? The company is leaning into AI. In August, it released a tool that routes tasks to cheaper models where possible, and it is weighing training its own models for the first time.
The signal: Ramp is now by far the most valuable startup in corporate spending management. Its closest rival, Brex, sold to Capital One for $5.15 billion earlier this year — leaving Ramp as the sector's standout bet.
Read more: thenextweb.com, Bloomberg
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