Ramp raises $1.85B as it expands beyond finance software

Ramp Business Corp. said it has raised $1.85 billion in late-stage funding, a deal that values the corporate credit card and business software provider at $60 billion. Dragoneer led the Series G round, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth serving as co-leads. Two dozen other institutional backers also participated. The announcement comes just months after the company closed a previous $750 million raise.

Ramp’s core product is a cloud service that lets companies issue corporate credit cards to employees. Cardholders can access $350,000 worth of offers from software startups, delivery providers and other businesses. Accounting teams can set spending limits for individual suppliers and product categories. An expense management tool tied to the cards is built for larger purchases that cannot be completed on a self-service basis, letting workers check whether an item is covered by company reimbursement policy before buying it. When a worker submits a reimbursement request, Ramp uses artificial intelligence to decide whether it should be approved.

The company also competes in more than a half-dozen other product categories. One service lets businesses hold cash reserves in a high-yield account. Another uses AI agents to process supplier bids for a contract. Ramp’s tools also help customers identify unnecessary expenses, such as unused subscriptions.

In August, Ramp entered the developer tooling market with Router, a service for applications that use large language models to process user requests. Router directs each request to the LLM that can handle it at the lowest cost, and if the cheapest model is down, it can reroute traffic to another model.

The newest addition to Ramp’s portfolio, Glass, debuted on Tuesday. It lets workers share chatbot prompts with one another and search business records using natural language queries. Teams can also customize the tool’s output by uploading guidance on how it should interpret requests.

Ramp said most of its more than 85,000 customers use at least two products, while a quarter have adopted three or more. Annualized revenue surpassed $2 billion ahead of the funding announcement. Co-founder and Chief Executive Eric Glyman said AI opens up much more of the work required to run a company, and that Ramp’s opportunity is to get that work done at a lower cost.

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