Ramp raises $1.85B as it expands beyond finance software

Ramp raises $1.85B as it expands beyond finance software

Ramp Business Corp., a provider of corporate credit cards and business software, today announced that it has raised $1.85 billion in late-stage funding.

Dragoneer led the Series G round. Thrive Capital, Founders Fund, Sands Capital and Avenir Growth joined as co-leads. The deal, which values Ramp at $60 billion, also drew contributions from two dozen other institutional backers. It comes only a few months after the company closed its previous $750 million raise. 

Ramp’s flagship offering is a cloud service that enables companies to issue corporate credit cards to employees. Users have access to $350,000 worth of offers from software startups, delivery providers and other businesses. Accounting teams can set spending limits for each supplier and product category.

An expense management tool integrated with Ramp’s cards eases large purchases that can’t be completed on a self-service basis. It enables workers to quickly check whether an item is covered by their company’s reimbursement policy before buying it. When a worker submits a reimbursement request, Ramp uses artificial intelligence to determine whether it should be approved.

The company also competes in more than a half-dozen other product categories. One Ramp service enables businesses to keep their cash reserves in a high-yield account, while another uses AI agents to process supplier bids for a contract. Additionally, the software maker’s tools help customers find unnecessary expenses such as unused subscriptions.

In August, Ramp moved into the developer tooling market with a service called Router. It’s designed to power applications that use large language models to process user requests. Router sends each user request to the LLM that can process it at the lower cost. If the most affordable LLM is experiencing downtime, the service can redirect traffic to another model.

The latest addition to Ramp’s product portfolio made its debut on Tuesday. Glass, as it’s called, enables workers to share chatbot prompts with one another and search business records using natural language queries. Additionally, teams can customize the tool’s output by uploading guidance on how it should interpret requests.

The company’s product development investments are bearing fruit. Ramp disclosed today that most of its 85,000-plus customers use at least two products while a quarter have adopted three or more. The software maker’s annualized revenue topped $2 billion ahead of today’s funding announcement.

“AI opens up much more of the work it takes to run a company,” said Ramp co-founder and Chief Executive Eric Glyman. “Our opportunity is to get that work done at less cost.”

Image: Ramp