Ramp announced a $1.85 billion financing Thursday, valuing the financial operations platform at $60 billion as the company reported annualized revenue above $2 billion.
The new valuation follows a June 4 financing of $750 million at a $44 billion valuation, an increase in the company’s reported value over roughly four months. The $1.85 billion is the financing amount; $60 billion is the valuation associated with the round.
Ramp named Dragoneer Investment Group as lead investor, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth as co-leads.
Ramp said it was cash-flow positive and that its annualized revenue had passed $2 billion. Ramp also said its revenue growth rate exceeded the year-earlier level by 25%.
The financing release said Ramp’s customers save more than $1 billion each month. The company also tied its AI work to businesses’ need to understand and control AI spending, saying AI tools and financial controls should be brought together.
In an Oct. 15 blog post, Ramp co-founders and co-CEOs Eric Glyman and Karim Atiyeh reviewed products introduced during the year, including AI Spend Management, Router and Glass. The co-CEOs also cited 476 additional features in their account of the company’s work this year.
