The spend management platform Ramp has secured $1.85 billion in a new funding round. This investment brings the company's valuation to $60 billion, a figure that excludes the capital raised in this latest round. The company, founded in 2019, provides financial tools for corporate expense reporting, payment processing, and fraud detection.
Ramp currently serves 70,000 businesses, an increase from 50,000 at the start of 2026. As of June, the company reported an annualized revenue exceeding $1.5 billion. In March, Ramp recorded a 170% year-over-year growth in total payment volume, marking its highest growth rate in three years.
The company maintains the highest valuation in the corporate spend management sector. For comparison, its competitor Brex was acquired by Capital One earlier this year for $5 billion. Ramp previously raised $750 million in a Series F round in June, which valued the business at $44 billion.
Beyond core financial services, Ramp is expanding into AI infrastructure. In August, the company launched Router.com, a tool designed to optimize AI model selection and reduce costs. Internal testing over three years showed the tool could lower AI-related expenses by approximately 30%.
