Ramp raised $1.85 billion at a $60 billion valuation

Four months after its Series F round, fintech company Ramp has raised funding again. According to Bloomberg on October 9, the company raised $1.85 billion at a $60 billion valuation.

Ramp closed its previous $750 million round at a $44 billion valuation in June 2026. Over four months, the company’s valuation increased by $16 billion.

Ramp started with corporate cards and then evolved into a platform for managing business finances. Today, its solutions cover payments, expense control, accounting automation, and AI tools for finance teams. Read more about the company and its products in our overview.

How Ramp’s valuation grew

Bloomberg first reported on Ramp’s talks with investors on September 8. At the time, the company was seeking to raise about $1 billion.

Here is how Ramp’s valuation changed since the beginning of 2025:

• March 2025 — $13 billion, share sale by employees and investors;
• June 2025 — $16 billion, Series E, led by Founders Fund;
• July 2025 — $22.5 billion, Series E-2, led by ICONIQ;
• November 2025 — $32 billion, a $300 million round, led by Lightspeed;
• June 2026 — $44 billion, Series F, led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan;
• October 2026 — about $60 billion, led by Dragoneer and Thrive Capital.

Company metrics

According to Bloomberg, by June 2026 Ramp’s annualized revenue had exceeded $1.5 billion. This figure shows how much revenue the company could generate in a year if the current pace continued.

At a valuation of about $60 billion, the multiple to annualized revenue is about 40, TNW calculated.

In June, Ramp said it was working with 70,000 companies. At the beginning of 2026, the figure was 50,000. Annual purchasing volume through the platform exceeds $200 billion. In March, total payment volume (TPV) rose by about 170% year over year. This is the fastest growth rate for the metric in three years.

Ramp and competitors

According to Bloomberg, Ramp is the most valuable startup in corporate spend management. Its closest competitor, Brex, changed ownership: in January 2026, Capital One announced it was acquiring Brex for $5.15 billion. That amount is less than one-tenth of Ramp’s valuation, TNW calculated. Capital One is familiar to Ramp’s founders: in 2016, they sold their previous startup, Paribus, to the bank.

IPO plans

Ramp remains a private company and has not disclosed any IPO timeline. In March 2025, Ramp co-founder and CEO Eric Glyman told CNBC that the company has no listing schedule, but is actively considering going public.

Large tech companies are pushing back listing timelines. According to the WSJ, Anthropic postponed its IPO to November 2026 so it could first show investors third-quarter results. OpenAI is considering going public no earlier than 2027.

Going public does not guarantee a higher market cap. Business travel and expense management platform Navan completed its IPO in late October 2025. After its first quarterly report, its market cap fell to $3.2 billion, more than 50% below its listing valuation.

A bet on marketing

Ramp is investing in brand and advertising for a mass audience. The company has aired Super Bowl ads twice: in 2025 with Saquon Barkley, and in 2026 with Brian Baumgartner. In October 2025, Ramp streamed Baumgartner’s “workday” from a transparent box in New York. Thousands of viewers followed the stream in person and online.

On September 25, 2026, Ramp staged a one-day production of Bill Pay the Musical on Broadway. Before it began, the audience was told they were about to see a “60-minute ad,” as the musical promoted Ramp’s bill payment service. Eric Glyman appeared on stage at the finale.

AI is for finance. Not for art.

Eric Glyman

Ramp co-founder and CEO

On October 8, Ramp and the San Francisco 49ers announced a long-term partnership. The club will use Ramp for expense management and financial operations. The Ramp brand will appear at home games at Levi’s Stadium and across the team’s digital channels. The partners will also create joint content and programs for finance executives and local businesses.

Ramp does not disclose the return on its marketing spend. In June, the company said it had positive free cash flow.

What’s next

The round details are known from Bloomberg; Ramp declined to comment. Going forward, it is worth watching the company’s official announcements and monitoring signals of IPO preparation. We will share new details as they emerge.

Want to discuss investing in AI companies? Submit a request via the Raison bot — our experts will answer your questions.