Expense management firm Ramp secured $1.85 billion in fresh funding that places its worth at $60 billion, merely four months following a $750 million raise that valued the company at $44 billion, according to a Thursday announcement from the startup. The financing round drew backing from five co-leaders: Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, with more than two dozen additional investors participating. The deal reflects Ramp's rapid expansion beyond its core business into artificial intelligence tools and broader financial operations, positioning the company as a platform that embeds AI agents across procurement, accounting, and spending oversight.

Ramp disclosed that its yearly revenue has surpassed $2 billion, climbing from $1.5 billion reported in June, while revenue growth has accelerated 25% compared to the same period a year earlier. The firm's client base expanded to 85,000 customers from 70,000 in June, including major names such as Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma. Purchase volume handled by the platform annually now exceeds $275 billion, reflecting a 175% jump from the previous year. With this latest round, Ramp has pulled in roughly $5 billion in total funding since its inception.

The company's push into AI has taken several forms, from weaving AI agents into its spending management and accounting products to rolling out a corporate credit card built specifically for AI agents to make purchases. In August, Ramp moved into model routing to serve the surging AI inference market, offering customers a routing service alongside AI token usage tracking and token expenditure controls. Earlier this month, it unveiled Glass, a workspace designed to capture and share the AI automations, prompts, and capabilities that employees create so others within an organization can leverage that collective know-how. Christian Jensen, a partner at Dragoneer, said in a statement, "In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates."

The funding arrives as Ramp's product catalog has broadened from expense management into payments, fraud detection, procurement, vendor oversight, and accounting, bringing it into competition with Rippling, an HR and payroll software provider that has ventured into corporate cards, expense management, and bill payments. That overlap means both firms are now competing for the same finance department budgets. Early backer Keith Rabois, who invested through both Founders Fund and Khosla Ventures in this round, told TechCrunch last month that Ramp isn't concerned about Rippling. He said the company's ambition is to compete with Anthropic, aiming to become "the primary way people manage their token spend, how they optimize it, how they measure ROI." Rabois added, "I want to be larger and more successful and more important than Anthropic." The strategic bet positions Ramp to capture AI infrastructure spending as companies race to deploy and manage generative AI tools, with the firm's financial operations platform serving as the control layer for token usage, vendor selection, and cost optimization across an organization's AI deployments. Companies that successfully own the financial workflow around AI could command pricing power and retention advantages that traditional expense software never enjoyed, while those that misjudge the pace of enterprise AI adoption risk building costly infrastructure for a market that matures more slowly than venture backers expect.