Ramp raises $1.85 billion at $60 billion valuation as AI finance tools drive growth

Ramp, the US company that sells corporate cards and software to manage business spending, said on Wednesday, October 15, 2026 that it has raised $1.85 billion in a new funding round that values it at $60 billion. Dragoneer Investment Group led the round, and Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led it. The company said its annualised revenue has passed $2 billion and that it is generating positive cash flow. The raise comes only four months after Ramp collected $750 million at a $44 billion valuation in June, which means its paper value has risen by roughly 36 per cent since the summer.

Ramp began as a corporate card start-up and has grown into a broad finance software platform. Its pitch is simple: most companies waste time and money chasing receipts, approving invoices, closing their books and negotiating with suppliers. Ramp bundles cards, bill payment, procurement and accounting software into one system and increasingly uses AI to do the routine work that finance teams once handled by hand.

The speed of the step-up is what stands out. Investors paid a $44 billion valuation in June and $60 billion in October, and the November 2025 figure was $32 billion, so the price has nearly doubled in under a year. The reason with Ramp, according to the company, is that it combines fast growth with positive cash flow. Co-founder and chief executive Eric Glyman said the company is growing faster today even though it is more than twice the size it was a year ago, and argued that AI opens up far more of the work involved in running a company, with the chance to get that work done at lower cost.

The round also shows where large investors are putting money in the AI boom. Much of the capital in 2025 and 2026 went to companies that build AI models. Ramp is a bet on the layer above: software that uses AI agents to carry out everyday business tasks such as processing supplier bids for a contract or matching expenses to policy. Ramp says it has built AI agents across its procurement, expense, accounting and budgeting products, and has launched a corporate card that AI agents themselves can use to make purchases within limits set by the business.

For investors and founders watching from India, the deal is a marker of how the market values spend-management software that can show both growth and profit. Indian business-to-business software firms that sell finance, procurement or accounting tools to companies in the United States are chasing the same customers, and a valuation of this size raises the benchmark against which they will be compared when they raise money.

Short-term: The fresh capital gives Ramp room to spend heavily on new AI products and to keep hiring, as the company has said it plans to do. Rivals in corporate cards and spend management will face a competitor with a large cash cushion and a strong story to tell customers.

Long-term: If Ramp's AI agents can take over a large share of routine finance work, the company could move from selling software seats to doing the work itself, which would change how businesses budget for finance teams and software. A valuation of $60 billion also makes Ramp a likely candidate for a stock market listing at some point, although the company has not announced any plan to go public.

Who is affected: Finance and accounting teams at companies that use spend-management tools; competing fintech and accounting software firms; venture investors who price late-stage software companies against Ramp; and founders building AI tools for business back offices, including in India.

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