Ramp announced on Thursday that it had secured $1.85 billion in a funding round, lifting its valuation to $60 billion. The round closed just four months after the company raised $750 million at a $44 billion valuation.

The financing was led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. Ramp reported that its annualized revenue had reached $2 billion, up from $1.5 billion in June, and that its growth rate had accelerated by 25% compared with the same period last year. The company also said it now processes over $275 billion in annualized purchase volume, a 175% increase from a year earlier, and serves 85,000 customers, up from 70,000 in June. Clients include Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.

Ramp has been expanding beyond expense management into payments, fraud detection, procurement, vendor management, and accounting. The startup has built an AI narrative around its products, embedding AI agents into procurement, expense management, accounting, budgeting, and related functions. In August, it entered the model routing market to serve the growing AI inference sector, offering a routing service that integrates with its existing tools for AI token usage monitoring and spend management.

Earlier this month, Ramp launched Glass, a workspace that aggregates and preserves AI automations, prompts, and skills developed by an organization’s employees, enabling broader access to collective knowledge. Christian Jensen, partner at Dragoneer, said, "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. We believe Ramp is well on its way to becoming one of the defining companies of this era."

The funding round also included participation from Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, 8VC, 1789 Capital, Alpha Wave Global, Ontario Teachers’ Pension Plan, Coatue, D.E. Shaw, Definition Capital, FirstMark, General Catalyst, Generation Investment Management, Glade Brook Capital Partners, Khosla Ventures, Lightspeed Venture Partners, Pinegrove Opportunity Partners, Soma Capital, and Stripes. Ramp has now raised approximately $5 billion in total funding.

The company’s product expansion has brought it into competition with Rippling, an HR and payroll software firm that has also entered corporate cards, expense management, and bill payment services. Early investor Keith Rabois, who has backed Ramp through Founders Fund and Khosla Ventures, told TechCrunch last month that Ramp’s strategy aims to outscale Anthropic in the AI space. "Ramp is not worried about Rippling," Rabois said. "We’re going to compete with Anthropic," he added. "That’s the goal. I want to be larger and more successful and more important than Anthropic. Ramp is going to be the primary way people manage their token spend, how they optimize it, how they measure ROI, and that will lead us to collide probably with Anthropic in many ways."

Ramp’s growth reflects a broader trend of AI integration across financial operations platforms, as companies seek to automate and optimize corporate spending workflows.