Ramp Secures $1.85B Series G, Valuing It at $60B

Ramp Business Corp. closed a Series G round that raised $1.85 billion and pushed the company’s valuation to $60 billion. Dragoneer led the funding, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth acting as co‑leads. Two dozen other institutional investors also contributed. The new raise comes just months after the firm closed a $750 million Series F, showing strong investor confidence.

Broadening Product Suite

Ramp’s core offering is a cloud platform that lets companies issue corporate credit cards to employees. The cards give users access to offers from software, delivery and other vendors, while accounting teams can set spending limits for each supplier and product category. An integrated expense‑management tool uses AI to check whether a purchase meets reimbursement policy and to approve or reject claims. The company is also expanding into other areas, such as high‑yield cash‑reserve accounts, AI‑driven supplier bid processing, and tools that flag unused subscriptions. In August it entered developer tooling with Router, a service that routes user requests to the cheapest large‑language‑model backend, and more recently launched Glass, a chatbot‑prompt sharing and natural‑language business‑search platform.

Ramp’s product development investments are bearing fruit. The company disclosed that most of its 85,000‑plus customers use at least two products, while a quarter have adopted three or more. Its annualized revenue topped $2 billion ahead of today’s funding announcement. “AI opens up much more of the work it takes to run a company,” said Ramp co‑founder and Chief Executive Eric Glyman. “Our opportunity is to get that work done at less cost.”