Ramp is raising about $1.85 billion at a pre-money valuation of $60 billion, according to Bloomberg, in a round led by Dragoneer and Thrive Capital. The expense fintech is now worth far more than its $44 billion valuation in June, making the latest financing a sharp increase in the value investors assign to the company.

Founders Fund is also writing a large check in the round, Trending Topics reported. The financing would put Ramp at a valuation about 40 times its revenue run rate as of early summer, a multiple the source described as more typical of artificial intelligence companies.

Ramp Is Now Worth $60 Billion

The new valuation follows a $750 million Series F in June at $44 billion. ICONIQ, Singapore’s sovereign wealth fund GIC and the Ontario Teachers’ Pension Plan led that round. In April 2024, Ramp was valued at $7.65 billion. Before the latest financing, the company had raised about $3 billion in total.

Ramp cofounders Karim Atiyeh and Eric Glyman in their office
Ramp cofounders Karim Atiyeh and Eric Glyman in their office.

Revenue growth is central to the latest valuation. Bloomberg reported that Ramp passed $1.5 billion in annualized revenue by early June. The company says more than 50,000 customers use its platform, running more than $100 billion a year through it. Ramp also reported that total payment volume recently grew about 170 percent from a year earlier.

Those figures accompany a business that has expanded beyond corporate cards and automated expense reports for start-ups. Ramp also offers payment processing, artificial intelligence-powered fraud detection and Stack, a product for accounting firms. The company was founded in 2019 by chief executive Eric Glyman and chief technology officer Karim Atiyeh.

Now Worth More as Ramp Expands Its Products

Ramp has also moved into corporate spending on artificial intelligence. In August, it launched Router.com, which the source describes as a free router for AI models and an alternative to OpenRouter. The source does not give adoption figures for that product.

The company is pursuing customers in Europe as well. In March, Ramp bought Stockholm payments company Billhop to obtain licenses for Britain and the European Union. Since the summer, European companies have been able to use Ramp directly, with teams in London and Stockholm.

That expansion puts Ramp alongside established regional competitors named by Trending Topics. Copenhagen-based Pleo is betting on its own AI agents for finance teams, while Berlin spend management start-up Moss has also become a unicorn. In another deal cited by the source, Berlin fintech Circula was bought by Personio. American Express is described as Ramp’s major incumbent rival in the United States.

The company’s valuation also stands apart from a recent transaction involving U.S. competitor Brex. According to Bloomberg, Capital One bought Brex this year for $5.15 billion, less than one tenth of Ramp’s new valuation. The source presents that contrast alongside Ramp’s growth figures, while noting the high multiple implied by the new round.

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Ramp’s next stated step in Europe is already underway: companies there can use the service directly, while the company operates teams in London and Stockholm. The new round places a $60 billion valuation on that growing business, according to the reported financing.