Ramp Raises $1.85 Billion in Funding Round at $60 Billion Valuation

Dow Jones10-15

Ramp raised $1.85 billion in its latest funding round, valuing the corporate expense-management platform at $60 billion.

The round was led by Dragoneer Investment, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth coleading. Other investors included Fidelity, T. Rowe Price and Capital International.

With this round, Ramp has raised about $5 billion in total equity financing.

Ramp now generates more than $2 billion in annualized revenue, the company said. The number of customers generating over $100,000 in sales has more than doubled.

The platform now has more than 85,000 customers, including Visa, Uber, Shopify and Robinhood.

Ramp, which launched to the public in 2020, has grown into a major provider of corporate credit cards and expense management for companies. It has more recently integrated a range of AI elements to its products to automate tasks such as business travel booking and expenses.

The corporate expense industry is increasingly competitive. In September, American Express rolled out a new expense-management platform with AI features. Rival Brex was acquired by Capital One Financial for $5.15 billion in April.

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