Ramp reportedly raises $1.85B at $60B valuation

Ramp has reportedly raised $1.85 billion at a $60 billion valuation, according to a Reuters alert relaying Bloomberg News. The October 9 report describes a completed funding round, but neither the alert nor Ramp’s press page specifies whether the full amount is primary capital or includes sales by existing holders.

Ramp combines corporate cards with software for managing non-payroll spending. Finance teams can set budgets and approval rules, issue cards, reimburse workers and process supplier invoices in one platform; Ramp says more than 70,000 organizations use it. The customer is the finance department trying to control a purchase before it happens and keep the resulting transaction attached to the books.

A typical workflow starts with a card swipe, invoice or reimbursement request. Ramp routes that item through approvals and payment, then feeds the record into accounting and reporting so a controller can close the books. That makes the product a control-and-record system for company spending rather than just a card with expense software bolted on.

The reported round follows Ramp’s official $750 million primary financing at a $44 billion valuation in June. At the time, the company reported more than $1 billion in annualized revenue, positive free cash flow and $200 billion in annualized purchase volume. The new headline amount is more than twice June’s raise, though the undisclosed primary-secondary split means it may not all be new company cash.

Ramp’s latest product push reaches beyond employee spending. Its June materials described tools that monitor usage-based AI costs, procurement agents that carry a request through payment, and accounting agents for close and reconciliation work. Those products extend the same control layer from human purchases into machine-driven spending and routine back-office work—the broader business investors are pricing, not simply a corporate card.