Fintech Startup Ramp Raises $1.85 Billion in Funding

Ramp, a NYC-based provider of corporate spend management and payment software, reportedly has raised approximately $1.85 billion in a funding round at a $60 billion pre-money valuation.

The round was co-led by Dragoneer Investment Group and Thrive Capital, with additional participation from Founders Fund.

The company plans to use the funding to expand its AI-powered platform, strengthen its engineering capabilities, and support growth among enterprise customers.

What is Ramp?

Ramp provides a financial operations platform that helps businesses manage spending, payments, procurement, travel, and accounting in one place.

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Its platform combines corporate cards, payment tools, vendor management, travel booking, procurement software, and automated accounting features. These tools help finance teams manage expenses, reduce manual work, and improve control over company spending.

Ramp is also expanding its use of artificial intelligence through AI agents that can handle purchasing and other financial workflows. In April, the company launched AI agents for procurement that can source vendors, prepare and evaluate requests for proposals, review purchase requests, conduct compliance checks, and track contract renewals.

How Much Funding Has Ramp Raised?

Ramp has reportedly raised approximately $1.85 billion in its latest funding round at a $60 billion pre-money valuation.

In June, the company raised $750 million at a $44 billion valuation, according to the source report. The announcement does not specify the total funding raised across all its previous rounds.

Who Invested in Ramp’s Funding Round?

The reported $1.85 billion funding round was co-led by:

• Dragoneer Investment Group
• Thrive Capital

Founders Fund also participated in the round.

Why the Funding Matters

Ramp plans to use the new capital to accelerate the transition of its platform towards an AI-agent ecosystem, expand engineering capabilities and support its growing enterprise customer base.

The company is investing in AI agents that can automate procurement tasks, from vendor sourcing and purchase requests to compliance reviews and contract renewals.

Ramp's approach also focuses on maintaining spending controls as businesses adopt AI agents. Each agent can be assigned a budget, merchant restrictions, an owner, and approval requirements, while transactions are recorded in an audit trail.

Who founded Ramp?

Ramp was founded in 2019 by Eric Glyman, Gene Lee, and Karim Atiyeh. The company is headquartered in New York City.

Its financial operations platform serves businesses looking to manage company spending, payments, purchasing, travel, and accounting through a unified system.

Market and Business Growth

Ramp reported working with 70,000 businesses by June, up from 50,000 at the beginning of the year. Its annualised revenue had also surpassed $1.5 billion by that time, according to the source report.

The company raised $750 million in June at a $44 billion valuation, and its latest reported funding round valued it at $60 billion before the new investment.

Ramp is also expanding beyond corporate cards and expense management into AI-powered procurement and financial operations. Its AI agents are designed to automate purchasing workflows while retaining human oversight and spending controls.

What Happens Next?

Ramp plans to expand its AI agent capabilities, invest in engineering and support further enterprise growth.

The company will continue developing tools that automate procurement and financial operations while maintaining approval processes, spending limits, and transaction records.

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