Ramp Secures $1.85B, Doubles Valuation to $60B in Four Months

Ramp closed a $1.85 billion financing led by Dragoneer Investment Group, pushing the expense management company's valuation to $60 billion. That figure nearly doubles the $32 billion price tag investors assigned the firm just four months earlier in November 2025.

Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth co-led the round alongside Dragoneer. Capital International, Fidelity Management & Research Company, and T. Rowe Price joined several other institutional backers in the deal.

The New York-based company now serves more than 85,000 businesses and processes over $275 billion in annual purchase volume. Ramp generates more than $2 billion in annualized revenue while maintaining positive cash flow.

Revenue is accelerating 25% faster than it was one year ago, according to the company. Ramp launched in 2019 and entered the Canadian market four months ago as part of its first international expansion.

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, Co-CEO and Co-Founder Eric Glyman said. > 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.

Ramp has rolled out several AI-focused products that extend well beyond traditional corporate cards:

• Glass: a model-agnostic collaborative workspace where organisational knowledge accumulates
• Ramp Accounts Receivable: automation for the contract-to-cash workflow
• AI Token Spend Management: unified tracking and control of AI infrastructure costs for finance and engineering teams
• Router.com: intelligent routing of AI inference requests to optimise performance and cost

At 30 times annualized revenue, Ramp commands a premium multiple that exceeds many established fintech peers. The figure suggests investors view the company as a financial operations platform rather than a point solution for expense management.

The product roadmap supports that interpretation. By expanding into accounts receivable, operating tools, and AI cost management, Ramp is positioning itself as a central layer for how businesses manage financial workflows — not just how they track spending.

The $60 billion valuation puts Ramp above the market capitalisation of several public payment processors and banking-as-a-service providers, underscoring how rapidly the private market is pricing in the company's trajectory.