Ramp: Reported US$1.85B Round Values It at US$60B as It Builds AI Spending Agents

Ramp, a New York company that sells corporate cards and spending software to businesses, raised about US$1.85 billion at a US$60 billion valuation before the new money, Bloomberg reported on October 9, 2026, citing people familiar with the deal. Dragoneer Investment Group and Thrive Capital led the round, and Founders Fund also wrote a large check. Ramp declined to comment, and the investors did not respond to Bloomberg, so the terms remain unconfirmed. FinSMEs picked up the report on October 12. Ramp was founded in 2019 by CEO Eric Glyman and Karim Atiyeh.

The round comes four months after Ramp raised US$750 million at a US$44 billion valuation in June, a jump of about US$16 billion. Bloomberg first reported in September that the company was in early talks at around US$60 billion. Ramp's products cover corporate cards, expense reports, bill payments and fraud detection. In June, the company said it worked with 70,000 businesses, up from 50,000 at the start of the year, and Bloomberg reported that its annualized revenue had passed US$1.5 billion.

Market Context

Ramp is moving from a card company toward a software platform that runs AI agents for finance teams. In April it launched procurement agents that source vendors, review compliance and track renewals. In August it released a tool that sends tasks to cheaper AI models when possible, and Bloomberg reports it is considering training its own models for the first time. Forkast notes that each Ramp spending agent comes with a budget, approved merchants and a human approver for larger purchases.

The deal also leaves Ramp with few direct startup peers. Brex, long its closest rival, was sold to Capital One for US$5.15 billion earlier this year. At US$60 billion, Ramp is valued at more than ten times that price and is the most valuable startup in corporate spend management by a wide margin, according to Bloomberg.

The Number

US$16 billion How much Ramp's reported valuation rose between its June round (US$44B) and this one (US$60B), in about four months.

Regional Relevance

For the United States, the round shows that late-stage investors are still paying high prices for fintech companies that can show they are becoming AI companies. Ramp's pitch is that software agents can take over routine finance work like buying, approving and reconciling. If that holds, the market for business spending tools shifts from selling cards to selling labor savings, and banks that issue corporate cards face a different kind of competitor.

For New York, Ramp is one of the city's largest private tech companies and a sign of its weight in fintech. A round of this size, led by investors who usually back AI leaders, keeps one of the country's most valuable financial software businesses based in Manhattan rather than Silicon Valley.

The Other Side

How solid are the numbers? Everything about this round comes from unnamed sources. Ramp has not confirmed the amount, the valuation or the investors, and no use of funds has been officially stated. Until the company announces it, the terms could still change.

Can revenue keep up with the price? The latest public revenue figure, more than US$1.5 billion annualized, dates from June. At US$60 billion, investors are paying roughly 40 times that run rate, a price that assumes fast growth continues well into the AI era.

Do AI agents actually save money? The savings Ramp cites for its purchasing agents, such as hours of manual work removed and lower vendor spend, are company-reported figures. Independent proof that companies cut costs at scale is still limited.

Sources & Transparency

• Ramp Raises Approx. $1.85 Billion in Funding at $60 Billion Pre-Money Valuation
• Ramp Hits $60 Billion Valuation in $1.85 Billion Funding Round
• Ramp hits $60bn valuation in $1.85bn round, Bloomberg reports
• US$1.85 Billion Round Values Ramp at Roughly US$60 Billion
• Ramp's Reported $60B Round Shows Corporate Spend Software Turning Into an Agent Platform