Ramp raises $1.85 billion at $60 billion valuation

Ramp Business Corp. has raised $1.85 billion in a Series G financing round, bringing its total equity funding to approximately $5 billion since its founding in 2019. The funding round, led by Dragoneer Investment Group with co-leads Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, values the company at $60 billion.

The fintech company reported surpassing $2 billion in annualized revenue and achieving positive cash flow. Ramp’s enterprise segment is seeing rapid growth, with the number of customers generating over $100,000 in revenue increasing by 113% year-over-year. The company currently serves more than 85,000 businesses, including major entities such as Visa, Uber, Shopify, and Robinhood.

Ramp provides a cloud-based service for issuing corporate credit cards, expense management, and automated reimbursement using artificial intelligence. Its platform also includes tools for managing cash reserves in high-yield accounts and identifying unnecessary expenditures like unused subscriptions. Customers currently manage over $275 billion in annualized purchase volume through the platform.