Fintech startup Ramp raised $1.85 billion in a primary funding round co-led by Dragoneer Investment Group, pushing its valuation to $60 billion, up from $44 billion in June 2026. The New York-based company has reached $2 billion in annualized revenue and serves 85,000 corporate clients handling over $275 billion in annualized purchase volume. Ramp is using the capital to expand beyond expense management into AI features, including token spend management and automated workspaces.
Details of the funding round
- ▪Ramp raised $1.85 billion in a primary funding round co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth on October 15, 2026
- ▪On October 15, 2026, Ramp reached a $60 billion valuation in a $1.85 billion funding round, up from June 2026 when it raised $750 million at $44 billion
- ▪Investors participating in Ramp's $1.85 billion funding round include Capital International, Fidelity, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, 8VC, 1789 Capital, Coatue, General Catalyst, Khosla Ventures, and Lightspeed
- ▪The $1.85 billion funding round co-led by Dragoneer Investment Group brought Ramp's total equity financing raised since its 2019 founding to approximately $5 billion
Revenue and operational metrics
- ▪Ramp operates as a New York-based financial technology company with positive cash flow
- ▪Ramp reached over $2 billion in annualized revenue as of October 15, 2026, up from $1.5 billion in June 2026, with revenue growth accelerating 25% faster than around this time last year
- ▪Ramp expanded its corporate customer base to over 85,000 companies as of October 15, 2026, up from 70,000 in June 2026, with clients including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma
- ▪Ramp handles over $275 billion in annualized purchase volume across its customer base as of October 15, 2026, representing a 175% increase from a year earlier
AI features and product expansion
- ▪Ramp expanded beyond expense management by embedding AI agents into its procurement, expense, accounting, and budgeting software, alongside issuing corporate credit cards built for AI agents
- ▪Ramp introduced Glass in October 2026, a workspace that stores and shares employee AI automations, prompts, and skills across an organization
AI token spend management
- ▪Ramp entered the model routing and AI inference market in August 2026, offering clients AI token usage monitoring and spend management tools
- ▪Founders Fund and Khosla Ventures investor Keith Rabois stated that Ramp aims to compete with Anthropic by becoming the primary platform for enterprise token spend management and optimization
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