Fintech startup Ramp hits $60 billion valuation after $1.85 billion funding round

Oct 15 — Financial technology startup Ramp said on Thursday it ​had raised $1.85 billion in a primary financing round led by Dragoneer Investment Group, valuing the ‌company at $60 billion, as the company expands its artificial intelligence offerings.

The ⁠funding underscores growing investor ​interest in financial automation, ⁠as corporate software companies add artificial intelligence to ‌expense management, procurement ‌and treasury functions once dominated by legacy enterprise ⁠players.

Ramp's valuation marks a ⁠rise from $44 billion in June, when it raised $750 million in a funding round.

The New York-based company, which provides corporate cards and expense management software, said it generates more than $2 billion in ‌annualized revenue and has positive cash ​flow.

Founded in 2019, Ramp serves more than 85,000 companies, which collectively account for more than $275 billion in annualized purchase volume, up 175% from a year earlier.

The company is also expanding into artificial intelligence tools, including software to monitor AI ​spending and optimize the cost of running AI models.

The ‌latest round was ‌co-led ⁠by Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. Other investors included Fidelity Management & Research Company, T. Rowe Price, GIC and Coatue, the company ‌said.

Ramp said it has ​raised approximately $5 billion in ‌total equity financing, ⁠including the ​latest round.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by ​Tasim Zahid)

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