Ramp: Expense Fintech Is Now Worth $60 Billion

Expense reports are nobody’s idea of excitement. Yet Ramp, the New York fintech built around them, is now raising about $1.85 billion at a pre-money valuation of $60 billion, according to Bloomberg. Dragoneer and Thrive Capital are leading the round, with Founders Fund also putting in a large check.

That is a sharp jump even by startup standards. In June, Ramp raised $750 million at a $44 billion valuation. In April 2024, it was valued at $7.65 billion. Before this latest round, the company had already taken in about $3 billion in total funding.

The reason investors are paying up is simple: Ramp is growing fast. Bloomberg said the company had passed $1.5 billion in annualized revenue by early June. Ramp says it has more than 50,000 customers, and those customers run more than $100 billion a year through its platform. Total payment volume recently rose about 170 percent from a year earlier.

Founded in 2019 by chief executive Eric Glyman and chief technology officer Karim Atiyeh, Ramp started with corporate cards and automated expense reports for startups. It has since expanded into payment processing, AI-powered fraud detection and Stack, a product for accounting firms. More recently, it has pushed into corporate spending on AI, including Router.com, a free router for AI models launched in August as an alternative to OpenRouter.

Ramp is also moving hard into Europe. In March, it bought the Stockholm payments company Billhop to get licenses for Britain and the European Union. Since the summer, European companies have been able to use Ramp directly, with teams in London and Stockholm. It still runs into serious competition there, from Pleo in Copenhagen and Moss in Berlin, while in the United States the giant in the room remains American Express.