Ramp hits $60bn valuation in $1.85bn round, Bloomberg reports

Fintech start-up Ramp has raised about $1.85bn at a valuation of roughly $60bn, Rebecca Torrence reported for Bloomberg, citing people familiar with the matter.

Dragoneer Investment Group and Thrive Capital led the round, and Founders Fund also wrote a large cheque, the people said. The $60bn figure is before the new money is counted.

$16bn in four months

The deal confirms talks that Bloomberg first reported in September. Ramp raised $750mn in June at a $44bn valuation.

Founded in 2019 and based in New York, Ramp sells corporate cards and tools for expenses, payments and fraud detection.

It said in June that it worked with 70,000 businesses, up from 50,000 at the start of the year. Its annualised revenue had passed $1.5bn by then, Bloomberg reported.

The last one standing

Ramp is now by far the most valuable start-up in business spending. Its closest rival, Brex, sold to Capital One for $5.15bn earlier this year.

The company is also leaning into AI. In August, it released a tool that sends tasks to cheaper models where it can, and it is weighing training its own models.

Ramp declined to comment to Bloomberg.