Ramp has closed a $1.85 billion primary financing round at a $60 billion valuation, led by Dragoneer Investment Group with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth as co-leads. The New York fintech, known for its corporate finance platform, has now raised roughly $5 billion in total equity, according to Reuters.
The round marks a valuation jump of about 36 percent in roughly four months, up from $44 billion at its June financing. Ramp says annualized revenue has topped $2 billion with positive cash flow, and more than 85,000 businesses now run on its platform, processing over $275 billion in annualized purchase volume.
The interesting part for AI watchers: Ramp is betting its future on the economics of AI itself. Alongside automating expense management and accounting with AI, the company launched AI Token Spend Management, which gives finance teams visibility into inference bills across providers, models, users and API keys — the same kind of variable costs generated by tools like ChatGPT and Gemini when used at enterprise scale. It also opened Router, a system that directs requests across models based on cost and performance, which it says cuts inference costs by about 40 percent on average.
Ramp also introduced Glass, an AI workspace that captures and reuses organizational knowledge — a move that puts it in the same lane as enterprise AI assistants such as Microsoft Copilot. For smaller teams exploring finance automation, our guide to the best AI tools for small business is a good starting point.
Source: Business News Today, citing Reuters and Ramp’s financing announcement.
