Ramp Raises $1.85 Billion at $60 Billion Valuation as AI Push Accelerates
Ramp says annualized revenue has surpassed $2 billion, up from $1.5 billion in June, while purchase volume grew 175% year over year to more than $275 billion. Its customer base reached 85,000, and total funding is now about $5 billion.
Expense management startup Ramp announced on October 15, 2026 that it had raised $1.85 billion in a new funding round, valuing the company at $60 billion. The raise comes just four months after Ramp secured $750 million at a $44 billion valuation, bringing its total funding to approximately $5 billion.
The round was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, with additional participation from Capital International, Fidelity Management & Research Company, T. Rowe Price, General Catalyst, Khosla Ventures, Lightspeed Venture Partners, Coatue, and others.
Alongside the announcement, Ramp reported that its annualized revenue has crossed $2 billion, up from $1.5 billion in June, with revenue growth running 25% faster than the same period last year. The company now facilitates annualized purchase volume of over $275 billion — a 175% increase year over year — and counts 85,000 customers, up from 70,000 in June. Clients include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.
Ramp has expanded well beyond its expense management origins into payments, fraud detection, procurement, vendor management, and accounting. The company has embedded AI agents across these products and launched a corporate credit card designed for AI agents to use. In August, it entered the model routing business, offering clients AI token usage monitoring and token spend management. Earlier in October, Ramp launched Glass, a workspace that captures and shares AI automations and skills built by employees across an organization.
Early investor Keith Rabois, who backed Ramp through both Founders Fund and Khosla Ventures, framed the company’s trajectory in expansive terms. “Ramp is going to compete with Anthropic,” Rabois told TechCrunch. “I want to be larger and more successful and more important than Anthropic. Ramp is going to be the primary way people manage their token spend, how they optimize it, how they measure ROI.”
As Ramp has broadened its product lineup, it has increasingly overlapped with Rippling, the HR and payroll software company that has moved into corporate cards, expense management, and bill payments, putting the two firms in direct competition for finance-team budgets.