Ramp raises $1.85 billion at $60 billion valuation as AI expands its finance platform

Ramp has raised $1.85 billion in primary financing at a $60 billion valuation, marking another significant milestone for the financial technology company as it expands its platform for business finance and spending management.

Announced on October 15, 2026, the round was led by Dragoneer Investment Group, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth also serving as co-leads. The financing brings Ramp's total equity funding to approximately $5 billion, according to the company.

The announcement follows a $750 million funding round in June that valued Ramp at $44 billion, highlighting the pace of its recent growth.

From a simple mission to a broader finance platform

Ramp was founded in 2019 by Eric Glyman and Karim Atiyeh around a straightforward mission: to save companies time and money.

In reflecting on the latest milestone, the co-founders described how they wrote that mission on a Post-it seven years ago. The underlying objective remains central to the business, although the company's offering has expanded considerably since its early focus on corporate cards and expense management.

Ramp now provides a broader suite of financial tools covering payments, procurement, vendor management, accounting and fraud detection. Its platform is designed to help businesses manage spending, automate financial workflows and gain greater visibility into how money moves across their operations.

AI becomes a bigger part of finance operations

Artificial intelligence is becoming an increasingly important part of Ramp's product strategy.

The company has introduced AI-powered capabilities intended to help businesses understand spending, automate finance tasks and manage the costs associated with running AI models.

Its AI Spend Management offering focuses on helping companies measure their AI expenditure and assess the value they receive from it. Other developments include tools designed to route tasks to lower-cost AI models where appropriate.

These initiatives reflect a broader opportunity for fintech platforms: moving beyond processing transactions to helping businesses make better operational and financial decisions.

As companies adopt AI across more workflows, managing the costs, efficiency and returns associated with those systems is emerging as another consideration for finance teams.

Revenue growth and customer expansion

Ramp's latest funding announcement comes alongside continued growth in its reported business metrics.

The company says it now serves 85,000 businesses and generates more than $2 billion in annualised revenue, while remaining cash-flow positive. It also reports annualised purchase volume exceeding $275 billion, up 175% from a year earlier.

These are company-reported figures and reflect the scale Ramp says it has reached across its customer base and financial workflows.

The expansion of its customer base and product portfolio positions Ramp to compete across a wider range of business finance activities, rather than relying solely on its original corporate card and expense management offering.

A broad group of investors backs the next phase

The financing brings together a wide group of institutional and venture investors.

Alongside the five co-leads, participants include Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, Coatue, General Catalyst, Khosla Ventures and Lightspeed Venture Partners, among others.

The capital gives Ramp additional resources to develop its product portfolio and pursue opportunities across financial automation and AI-enabled business operations.

The company's valuation has also increased from $44 billion in June to $60 billion in the latest round, reflecting investor interest in its expansion and reported financial performance.

What comes next for Ramp

Ramp's latest financing marks a new stage in its evolution from corporate card and expense management provider to a broader financial operations platform.

Its continued investment in AI suggests that the company sees opportunities to help businesses control costs, automate routine work and improve the way finance teams operate.

The original mission of saving companies time and money remains the thread connecting these developments. The next phase will test how effectively Ramp can translate its expanding product range, customer growth and new capital into sustained business value.

About Ramp

Ramp is a financial technology company founded in 2019 and headquartered in New York. Its platform helps businesses manage corporate cards, expenses, payments, procurement and other financial workflows, with AI-powered tools designed to improve financial visibility and operational efficiency.

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Source and Credits

Ramp's official funding announcement