Expense management firm Ramp announced on Thursday that it has raised $1.85 billion in a new funding round, valuing the company at $60 billion. This latest investment comes just four months after a previous $750 million raise, which had valued the company at $44 billion.
The financing round was co-led by several investment groups, including Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. Other investors also participated in the round.
Ramp reported that its annualized revenue has now exceeded $2 billion, an increase from $1.5 billion in June. The company also stated that its revenue growth is 25% faster compared to this time last year. It claims to facilitate an annualized purchase volume of over $275 billion, marking a 175% increase from a year ago. Ramp's customer base has grown to 85,000, up from 70,000 in June, and includes companies such as Visa and Uber.
The company has expanded its services beyond expense management to include payments, fraud detection, procurement, vendor management, and accounting. Ramp has also integrated AI agents into its products and launched a corporate credit card designed for AI agents. Earlier this month, Ramp introduced Glass, a workspace intended to collect and share AI automations, prompts, and skills within organisations.