Ramp raises $1.85 billion at $60 billion valuation

Ramp said it raised $1.85 billion at a $60 billion valuation, four months after raising $750 million at a $44 billion valuation. Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led the financing. The expense management company says annualized revenue has crossed $2 billion and its customer count has reached 85,000, up from 70,000 in June. Ramp has expanded into payments, procurement, accounting and services for monitoring and managing AI model spending. Its broader product lineup puts it in direct competition with Rippling for finance-team budgets.