Ramp secures $1.85 billion in funding at $60 billion valuation

Fintech company Ramp has secured $1.85 billion in new venture funding, reportedly bringing its valuation to $60 billion. The funding round was led by Dragoneer Investment Group and Thrive Capital, with participation from Founders Fund.

Founded in 2019, Ramp provides spend management software, corporate cards, and expense reporting services. The company has seen significant growth, reporting that its annualized revenue had exceeded $1.5 billion and its total payment volume grew by approximately 170% year-over-year in March. CEO Eric Glyman noted that the company is expanding to provide infrastructure for an AI-driven economy.

In the same funding cycle, the stealth startup Liftline reported $400,000 in financing via an SEC filing, highlighting a spectrum of investment activity ranging from massive scaling rounds to early-stage micro-funding.