- Corporate card and expense management platform Ramp raised $1.85 billion in a funding round led by Dragoneer Investment Group, boosting its valuation to $60 billion, nearly double its November 2025 valuation.
- Ramp now serves more than 85,000 businesses, powers over $275 billion in annual purchases, and generates more than $2 billion in annualized revenue.
- Ramp’s growing suite of AI-powered tools and roughly 30× annualized revenue multiple suggest investors are betting on its evolution from an expense management provider into a broader financial operations platform.
Corporate card and expense management platform Ramp closed a $1.85 billion funding round, boosting its valuation to $60 billion, an amount that exceeds many established fintech companies and is nearly double the company’s $32 billion valuation following its November 2025 funding round.
Dragoneer Investment Group led the round, which was co-led by Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. Additional investors, including Capital International, Fidelity Management & Research Company, T. Rowe Price, and others also contributed.
Ramp, which is used by over 85,000 businesses, was founded in 2019 and has experienced notable growth over the past few years. The company powers over $275 billion in purchases annually, expanded into Canada four months ago, and now generates more than $2 billion in annualized revenue, with positive cash flow. Additionally, the company’s revenue is growing 25% faster now than it was at the same time last year.
“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,” said Ramp Co-CEO and Co-Founder Eric Glyman. “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.”
Ramp’s recent product launches reflect this emphasis on AI-focused tools. The company has launched Glass, a model-agnostic, collaborative AI workspace where knowledge compounds; Ramp Accounts Receivable, which automates the work between a signed contract and collected cash; AI Token Spend Management, which gives finance and technical teams one place to understand and control AI spending; and Router.com, which cuts companies’ inference costs by routing requests based on performance and cost.
Ramp’s $60 billion valuation represents an implied revenue multiple of roughly 30× its current annualized revenue. This premium suggests that investors see the company as much more than a corporate card and expense management provider. Given this figure and Ramp’s recent launches in the AI space, investors appear to be betting on Ramp’s ability to evolve into a broader financial operations platform that extends beyond spending into accounts receivable, operating tools, and more. Ramp is positioning itself to become an increasingly central part of how businesses manage their finances.
Photo by Chris F
