Ramp has collected about $1.85B in fresh capital at a pre-money valuation of roughly $60B, Bloomberg reported, citing people familiar with the matter. The round’s lead investors were Thrive Capital and Dragoneer Investment Group, and Founders Fund put in a big check. The company declined to comment.
The jump is steep. Ramp raised $750M in June at a $44B valuation, and between the two rounds annualized revenue passed $1.5B while the business customer base grew from 50,000 to 70,000.
Spend management is still the foundation, but the product layered on top has changed. In April, the company shipped procurement agents that run compliance reviews, triage requests, draft and score RFx documents, and source vendors – aimed at the vast majority of US businesses that employ nobody to oversee purchasing.
The second quarter brought Ramp Stack, an accounting-firm operating system covering monthly reporting, schedules and reconciliations, handled end to end.
On the agent platform, every payment and accounting sync is written to an audit trail as it happens, and each spending agent operates with an approving human in the loop, a durable identity tied to a human owner, and spending limits with merchant restrictions that apply before any money moves.
The backdrop is a market that has already consolidated. Capital One bought Brex, Ramp’s once-closest startup rival, for $5.15B earlier this year. Ramp’s argument is that whoever can supervise autonomous buyers, not whoever issues the best card, wins corporate spend.
