Ramp Raises $1.85 Billion at $60 Billion Valuation
Fintech startup Ramp raised $1.85 billion to expand its AI spending tools, increasing its valuation to $60 billion.
Ramp raised $1.85 billion in a primary financing round led by Dragoneer Investment Group, bringing the New York-based fintech company's valuation to $60 billion. This figure represents a significant increase from the company's $44 billion valuation recorded in June.
The company provides corporate cards and expense management software to more than 85,000 companies. Ramp reports positive cash flow and over $2 billion in annualized revenue, with an annualized purchase volume exceeding $275 billion, which is a 175 percent increase over the previous year.
Ramp intends to use the new capital to expand its artificial intelligence offerings. The company is specifically developing tools to monitor AI spending and optimize the costs associated with running AI models.
Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth co-led the funding round. Other participants included Fidelity Management & Research Company, T. Rowe Price, GIC, and Coatue.
