Fee management company Ramp stated on Thursday that the company raised $1.85 billion in a new round of financing, with a valuation reaching $60 billion. Just four months ago, Ramp raised $750 million with a valuation of $44 billion.
This round of financing was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth.
Ramp indicates that its annual revenue has exceeded $2 billion, which is higher than the $1.5 billion disclosed in June; the company stated that its revenue growth rate is 25% faster than the same period last year. Ramp also indicates that the current annual procurement volume it facilitates has surpassed $275 billion, an increase of 175% from a year ago. The company claims to have 85,000 existing customers, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.
During this financing round, Ramp is expanding its business from fee management to areas such as payment, fraud detection, procurement, supplier management, and more recently, accounting services.
This startup has also built its story around artificial intelligence, integrating AI agents into products such as procurement, expense management, accounting, and budgeting. Ramp has also launched a corporate credit card designed specifically for use by AI agents, and entered the model routing business in August to target the rapidly growing AI inference market. At the same time, it provides existing customers with model routing services that complement their current products, including AI token usage monitoring and token expenditure management.
Earlier this month, Ramp launched Glass, which is a workspace designed to collect and retain the AI automations, prompts, and skills developed by the organization's employees, so that others can make use of the company's collective knowledge and capabilities.
Dragoneer, a partner of Christian Jensen, stated in a declaration: "In just a few years, Ramp has become a broader financial operations platform, and AI has been deeply integrated into the way the company is built and operated. We believe that Ramp is becoming one of the most representative companies of this era."
Other investors in this round also include Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, token issuer NIQ, GIC, 8VC, 1789 Capital, Alpha Wave Global, Ontario Teachers, Pension Plan, Coatue, D.E, Shaw, Definition Capital, FirstMark, General Catalyst, Generation Investment Management, Glade Brook Capital Partners, Khosla Ventures, Lightspeed Venture Partners, Pinegrove Opportunity Partners, Soma Capital, and Stripes.
To date, Ramp has raised a total of approximately 5 billion US dollars in financing.
As the product line continues to expand, Ramp is also increasingly competing with Rippling, a company specializing in human resources and payroll software. Rippling has entered the fields of corporate credit cards, expense management, and bill payment. The overlap in their businesses has led to direct competition when both parties are vying for the same budget from financial teams.
Ramp's early investor, Keith Rabois, has supported Ramp through two institutions: Founders Fund and Khosla Ventures. Both of these institutions participated in this round of financing. Last month, Rabois discussed Ramp's strategy with TechCrunch as well as his own goals for the company.
Rabois said, " Ramp isn't worried about Rippling. What we're worried about is that we'll be competing with Anthropic." He continued, "That's the goal. I hope Ramp will be bigger, more successful, and more important than Anthropic. You've seen some of the steps we've taken recently. The future of the world is driven by tokens and their equivalents, and Ramp will become the main way for people to manage their token expenditures, helping them optimize their spending and measure return on investment. This will likely lead to us colliding with Anthropic in many aspects."
