Financial-technology company Ramp has raised $1.85 billion in new equity financing, lifting its valuation to $60 billion as investors continue backing artificial-intelligence-driven financial automation.
The primary financing round was led by Dragoneer Investment Group and represents another substantial increase in Ramp’s valuation.
The company was valued at $44 billion in June after raising $750 million, meaning its valuation has increased by approximately $16 billion in four months.
Ramp provides corporate cards, expense-management software, procurement tools and other financial services to businesses.
The company says it now serves more than 85,000 businesses representing more than $275 billion in annualized purchase volume, an increase of 175% from a year earlier.
Ramp also says annualized revenue has exceeded $2 billion and that the business is cash-flow positive.
Artificial intelligence is becoming increasingly important to the company’s expansion strategy.
Ramp is developing tools that monitor corporate AI spending and software designed to reduce the cost of operating AI models.
That strategy puts the company inside two rapidly expanding markets: financial automation and enterprise AI management.
The financing round was co-led by Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. Fidelity Management & Research, T. Rowe Price, GIC and Coatue also participated.
Ramp says it has now raised approximately $5 billion in total equity financing since its founding in 2019.
The transaction is particularly notable because it arrives while parts of the broader AI market are under pressure.
Investors are questioning heavily financed AI infrastructure companies, yet private capital continues flowing toward businesses viewed as capable of converting artificial intelligence into measurable corporate productivity.
The next test will be whether Ramp can convert its rapidly increasing valuation into sustained revenue growth while expanding beyond corporate cards into a broader financial-management platform.
