New York-based financial operations platform Ramp has secured $1.85 billion in a primary financing round, reaching a valuation of $60 billion. This follows a $750 million round four months prior, which valued the company at $44 billion. The latest round was led by Dragoneer Investment Group, with participation from numerous firms including Thrive Capital, Founders Fund, and Sands Capital.
Founded in 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee, Ramp has raised approximately $5 billion in total equity financing to date. The company now serves over 85,000 corporate clients, including Uber, Shopify, and Visa. These customers manage more than $275 billion in annualised purchase volume through the platform, marking a 175% year-over-year increase.
Ramp reports that its annualised revenue has surpassed $2 billion, with growth accelerating 25% faster than in the previous year. The number of customers generating over $100,000 in revenue for the platform rose 113% year over year. The company calculates this revenue metric by including interchange, subscription, and interest income while excluding customer incentives.
The platform aims to consolidate spend control, finance automation, and AI cost management into a single system. According to company data, the median customer saves 7.5% on expenses and reduces manual transaction work by 22%. A majority of the user base utilizes two or more products, while a quarter of customers employ three or more.
