New York-based Fintech company Ramp has raised approximately $1.85 billion in a new funding round that places its pre-money valuation near $60 billion, according to people familiar with the private transaction.
Dragoneer Investment Group and Thrive Capital co-led the round, while Founders Fund contributed a substantial amount.
The individuals who shared the details asked not to be named because the matter remains confidential.
The company has not confirmed the fundraising and previously declined to comment when asked.
The development confirms earlier reports from September that Ramp was in discussions about a round at a similar valuation.
It also marks a sharp step up from the company’s most recent announced financing.
In June 2026, Ramp closed a $750 million round at a $44 billion valuation, led by ICONIQ, Singapore’s GIC, and the Ontario Teachers’ Pension Plan.
That round followed a series of rapid valuation increases through 2025, including a $32 billion mark late in the year and a $22.5 billion valuation earlier in the summer.
Founded in 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee, Ramp began by offering corporate charge cards and has steadily expanded into a broader financial operations platform.
Its products cover expense management, bill payments, procurement tools, fraud detection, and related services.
By June, the company reported serving about 70,000 businesses, up from roughly 50,000 at the start of the year, and said its annualized revenue had surpassed $1.5 billion.
It has also highlighted strong growth in total payment volume processed through the platform.
The latest valuation further separates Ramp from its nearest former peer.
Brex, once a close competitor in corporate cards and spend management, was acquired by Capital One earlier in 2026 in a deal valued at $5.15 billion.
That transaction left Ramp as the clear leader among independent startups focused on business spending tools.
Investors appear to be betting on Ramp’s push into artificial intelligence.
The company has rolled out AI agents that handle parts of the procurement process, including vendor research, generating and scoring requests for proposals, running compliance checks, and tracking renewals.
It has also introduced tools that help companies route AI-related tasks to more cost-effective models and has explored training its own models.
These features sit on top of its core card and expense products, with the stated goal of automating more of the work traditionally done by finance teams while retaining human oversight for approvals and audits.
Recent product updates have also touched accounting workflows and management of spending on AI tokens themselves.
The reported round arrives amid broader interest in platforms that combine payments infrastructure with software that can reduce manual work in finance departments.
Ramp has grown from a focused card issuer into a company positioned at the intersection of corporate spend management and AI-assisted operations. Whether the new capital will accelerate that shift, support further product development, or fund international expansion remains to be seen; the company has recently taken steps such as acquiring payment-related assets that enabled it to offer services to UK businesses.
Because the details come from people familiar with the matter rather than a company announcement, the precise terms, the split between primary capital and any secondary sales, and the ultimate use of proceeds are not fully public. Still, the size of the round and the jump in valuation underscore continued investor enthusiasm for well-capitalized fintech platforms that can demonstrate revenue scale and a credible path into AI-driven automation.
