Ramp has raised $1.85 billion in primary financing at a $60 billion valuation, marking one of the largest private technology financings of the year as the financial operations company surpasses $2 billion in annualized revenue and reaches positive cash flow. Dragoneer Investment Group led the round, with Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth as co-leads. Additional investors included Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, 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.
The financing brings Ramp’s total equity funding to about $5 billion since its 2019 founding. Alongside exceeding $2 billion in annualized revenue, Ramp said its current pace of revenue growth is 25% faster than it was at the same point last year. The company did not disclose a directly comparable year-over-year revenue growth percentage. Its enterprise segment is expanding more rapidly, with the number of customers generating more than $100,000 in revenue increasing 113% year over year.
Ramp now serves more than 85,000 businesses, including Visa, Uber, Shopify, Robinhood, Fanatics, Notion, Cursor, the Denver Broncos, and Boys & Girls Club. Customers collectively manage more than $275 billion in annualized purchase volume through Ramp, up 175% year over year. The company excludes bank transfers and non-monetized payments from that figure.
Ramp said its technology is helping customers save more than $1 billion per month. The median customer achieves savings equal to 7.5% of spending, compared with 5% a year earlier, while completing transactions with 22% less manual work. Ramp also reported that its median customer experiences 16% revenue growth during its first year on the platform.
Adoption has expanded beyond Ramp’s original corporate card and expense management products. Most customers now use at least two Ramp products, while approximately one-quarter use three or more. The company’s platform spans corporate cards, expense management, bill payments, accounting workflows, accounts receivable, and financial automation.
Ramp is also expanding the platform to help businesses manage the growing cost and operational complexity of AI. Its AI Token Spend Management product gives finance and technical teams centralized visibility into AI expenses across providers, models, teams, users, and API keys. AngelList said the product helped reduce its monthly AI spending by 17.5%.
The company has also introduced Router.com, which routes AI inference requests across models and providers based on performance and cost through a single endpoint. Ramp said the service can reduce inference costs by up to 40%, while Serval reported cutting inference costs for its coding agents by nearly half.
Another recent product, Glass, provides a model-agnostic collaborative AI workspace intended to help companies build and retain institutional knowledge. Ramp Accounts Receivable automates processes between contract execution and cash collection, including invoicing, payment follow-ups, cash application, and revenue recognition.
The new funding gives Ramp additional capital to expand a platform that increasingly combines financial services, workflow automation, and AI cost management. The company is positioning itself as a broader operating system for finance teams, with a focus on helping businesses control spending, automate administrative work, and measure the financial impact of AI adoption.
KEY QUOTES:
“Ramp is the kind of company we love to back at Dragoneer. It’s already a market leader with a deep, durable moat, and it’s still growing incredibly fast. In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates. We believe Ramp is well on its way to becoming one of the defining companies of this era.”
Christian Jensen, Partner At Dragoneer Investment Group
“We first invested in Ramp in 2023 as it was becoming the obvious choice for finance teams. With AI, Ramp’s platform is becoming the obvious choice to automate the entire office of finance. Three years and multiple rounds later, we believe the opportunity is more compelling now than when we first invested, and we’re proud to deepen our partnership with Eric, Karim, and the team.”
Barron Martin, Managing Partner At Sands Capital
“We obsess over saving our customers time and money. That’s why we’re growing faster at more than twice the size we were a year ago. AI opens up much more of the work it takes to run a company. Our opportunity is to get that work done at less cost. We want to help every business run better with AI.”
Eric Glyman, Co-Founder And Co-CEO Of Ramp
“Ramp’s Token Spend Management helped us cut monthly AI spend by 17.5%. That gives us more room to invest in work that moves the business forward. We want to keep expanding what we do with AI, and Ramp helps us make every dollar count.”
Greg Cooley, Controller At AngelList
