The company said its annualized revenue has surpassed $2 billion, up from a reported $1.5 billion in June, and that revenue growth is running 25% faster than at the same time last year. Ramp now facilitates annualized purchase volume of over $275 billion, a 175% increase from a year ago. It serves 85,000 customers, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.
The funding comes as Ramp expands beyond its core expense management business into payments, fraud detection, procurement, vendor management, and accounting. The company has positioned itself as an AI-driven platform, embedding AI agents into procurement, expense management, accounting, and budgeting products. It recently launched a corporate credit card designed specifically for AI agents and, in August, entered the model routing business to tap the growing AI inference market. Earlier this month, Ramp introduced Glass, a workspace that collects and remembers AI automations, prompts, and skills built by employees for reuse across the organization.
“In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates. We believe Ramp is well on its way to becoming one of the defining companies of this era,” said Christian Jensen, partner at Dragoneer, in a statement.
The company has now raised approximately $5 billion in total funding. As it widens its product lineup, Ramp increasingly competes with Rippling, the HR and payroll software company that has pushed into corporate cards, expense management, and bill payments, putting the two in direct competition for finance-team budgets.
Early investor Keith Rabois, who backed Ramp through Founders Fund and Khosla Ventures, both participants in this round, has previously described Ramp as standing out among fintech companies with a strong AI narrative.