- Ramp raised $1.85B at a $60B valuation, up from $44B in June, led by Dragoneer.
- It tops $2B in annualised revenue, is cash-flow positive and serves 85,000+ companies.
- Its next bet is AI cost control, from token tracking to routing that cuts inference bills.
Ramp, the New York-based financial operations platform founded in 2019, has raised $1.85 billion in primary financing at a $60 billion valuation, about four months after its $750 million round at $44 billion. Ramp’s statement does not say whether the figure is pre- or post-money; Bloomberg reports it is pre-money.
Dragoneer Investment Group led the round. Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth co-led, with participation from 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.
Ramp has now raised approximately $5 billion in total equity financing. Tech Funding News has tracked the climb through $13 billion, $16 billion, $22.5 billion, and $44 billion.
From a savings app to a company worth 12 Brexes
The new valuation is about 11.7 times the $5.15 billionCapital One agreed to pay for Brex, Ramp’s closest rival in corporate cards, in a deal Capital One has since completed. The loop is hard to miss.
Ramp’s founders, Eric Glyman and Karim Atiyeh, previously built Paribus, a price-tracking startup that Capital One bought in 2016. They then started Ramp with Gene Lee in 2019. Atiyeh became co-CEO alongside Glyman on June 25, 2026.
The business has outgrown its card origins. More than 85,000 companies, including Visa, Uber, Shopify, Robinhood, Fanatics, Notion, and Cursor, use Ramp to manage over $275 billion in annualised purchase volume, up 175% year over year.
Ramp says customers save more than $1 billion a month. The median customer now saves 7.5%, up from 5% a year ago, and completes transactions with 22% less manual work. The majority of customers use two or more Ramp products, and a quarter use three or more.
Revenue is growing 25% faster than at the same point last year, and customers generating more than $100,000 in revenue for Ramp rose 113% year over year. Ramp defines annualised revenue as including interchange, subscription, interest, and other revenue, and excluding incentives to customers.
A 30x price tag in a mixed comp set
At $60 billion against more than $2 billion of annualised revenue, Ramp is valued at roughly 30 times revenue. Its investors argue the growth justifies it.
“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. n just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates,” said Christian Jensen, partner at Dragoneer.
“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,” added Barron Martin, managing partner at Sands Capital.
Public and private comparisons are less generous. Navan, the travel and expense rival, raised a $304 million Series G at $9.2 billion in October 2022, then listed in October 2025 at a valuation of about $6.2 billion, below that private mark.
Among smaller rivals, Flex raised $70 million in a Series B1 in July 2026, reportedly at a $1.2 billion valuation according to Reuters. Payhawk, the Bulgarian-founded spend management platform, was reportedly exploring a raise of more than $100 million at close to $2 billion in January 2026, and Mercury raised $300 million at $3.5 billion.
The market is large enough to support several winners. Fortune Business Insights estimates the global business spend management software market reached $25.98 billion in 2025 and could grow to $66.31 billion by 2034. Ramp’s own task is to turn a card and expense base into one system where controlling spend, automating routine finance work, and managing AI costs sit together.
