Ramp

Fintech · Spend Management · AI

Funding

Ramp raises $1.85B at $60B valuation as revenue tops $2B run-rate

The valuation jumped $16B in just four months, pulling further ahead after rival Brex sold to Capital One for $5.15B.

• Ramp raised about $1.85 billion in new funding at a roughly $60 billion pre-money valuation, with the deal and a $2 billion annualized revenue milestone announced October 15, 2026.
• Ramp, founded in 2019, sells corporate cards plus expense reporting, bill payments, procurement tools and AI-powered fraud detection to businesses.
• Annualized revenue surpassed $2 billion, up from $1.5 billion in June 2026, as the company's customer base grew to over 70,000 businesses.
• The round lands just four months after Ramp closed a $750 million Series F at a $44 billion valuation in June, a $16 billion valuation jump.
• Ramp has layered AI agents atop its core card business, including procurement agents for vendor sourcing and compliance, an accounting operating system called Ramp Stack, and Router.com, a tool that cuts AI costs by routing tasks to cheaper models.
• Ramp's closest competitor, Brex, was acquired by Capital One earlier in 2026 for $5.15 billion, leaving Ramp as the clear standout among independent spend-management startups.
• Investors are effectively pricing corporate spend software as an emerging AI agent platform rather than just card issuance, a bet that is reshaping valuations across fintech infrastructure.