Corporate card and expense-management startup Ramp has raised about $1.85 billion in new funding at a $60 billion valuation, its second mega-round in roughly four months and one of the largest fintech raises of the year.
The round, first reported by Bloomberg, was led by Dragoneer Investment Group and Thrive Capital, with participation from Founders Fund and several other existing backers. It values Ramp at roughly $60 billion on a pre-money basis — up from the $44 billion valuation it carried after a $750 million raise just in June, meaning the company has more than doubled its valuation in under half a year.
Ramp's pitch to investors centers on annualized revenue that has grown to about $2 billion, up from roughly $1.5 billion in June, as the company has pushed beyond its original corporate-card business into bill payment, procurement and AI-driven expense tools aimed at automating the finance back office for mid-sized businesses. Co-founder and chief executive Eric Glyman has framed the raises as fuel for that expansion rather than a sign the company needs the cash to survive — Ramp has said it remains profitable on an operating basis even as it spends heavily to build out new products.
A Crowded, Capital-Hungry Field
The round lands in the middle of what several trade publications have called an unusually AI-heavy week for fintech fundraising and dealmaking, as investors chase a small group of corporate-spend platforms they believe can consolidate a historically fragmented market. Ramp's closest rival, Brex, was acquired by Capital One for roughly $5.15 billion earlier this year — a deal that left Ramp as one of the few remaining independent players at real scale, and arguably made it more attractive to growth investors looking for exposure to the category without going through a bank-owned platform.
That dynamic helps explain why investors are willing to pay up even as questions swirl elsewhere in venture markets about whether AI-linked valuations have run ahead of fundamentals. Ramp has leaned into the comparison by marketing its expense and procurement tools as AI-native rather than AI-bolted-on, a framing increasingly common among fintech and enterprise-software startups trying to justify premium multiples to investors who have grown more selective since the spring.
Whether Ramp's revenue growth can keep pace with its valuation is the open question hanging over the deal. Doubling a valuation in four months is easier to justify when annualized revenue is also growing quickly, as Ramp's appears to be, but it leaves little room for a slowdown without inviting the kind of down-round scrutiny that has hit other once-hot startups this year. For now, investors are betting that a profitable, fast-growing challenger to the banks is still underpriced at $60 billion — a bet the company will have real pressure to justify the next time it needs to raise.
