Financial technology startup Ramp raised $1.85 billion in a primary financing round, bringing its valuation to $60 billion. Dragoneer Investment Group led the round, with Thrive Capital and Founders Fund as co-leads. Ramp will use the capital to expand its artificial intelligence offerings and automate more corporate finance functions.
Ramp said it has surpassed $2 billion in annualized revenue. Its customer base has grown to more than 85,000 businesses. The New York-based company was founded in 2019 and has expanded from corporate cards and expense management into a broader financial automation platform. Ramp also reports positive cash flow.