Ramp gives finance teams corporate cards and one system for approving purchases, paying bills, reimbursing employees and recording the results in their accounts. The company confirmed a $1.85 billion primary financing led by Dragoneer Investment Group on October 15, valuing the business at $60 billion.
The workflow connects each card swipe, invoice and reimbursement with the approvals, payments and accounting work around it. Ramp’s newer accounts-receivable product reaches the other side of the ledger by creating invoices, following up on payment, applying incoming cash and recognizing revenue.
Ramp said 85,000 organizations were using the platform to manage more than $275 billion in annualized purchase volume as of October 1. A majority of customers now use at least two Ramp products, while one-quarter use three or more—a sign that adoption is spreading beyond the original corporate card.
The company also reported more than $2 billion in annualized revenue and positive cash flow. Its disclosure says that revenue measure includes interchange, subscriptions, interest and other sources while excluding customer incentives. The $60 billion valuation is therefore about 30 times the disclosed run rate, but that run rate is not purely subscription revenue.
Four months earlier, Ramp announced a $750 million primary round at a $44 billion valuation. The latest financing supplies more than twice as much capital and raises the headline valuation by approximately 36%. Ramp said it has now raised about $5 billion of equity financing in total.
Ramp is also extending its spending controls into artificial intelligence. Its token-management product organizes AI costs across providers, teams, models, users and API keys, while Router directs requests among models based on cost and performance. That moves the product from documenting conventional business expenses toward controlling how companies buy and use model capacity.