Fintech startup Ramp raises $1.85 billion at a valuation of about $60 billion

Ramp, a provider of corporate cards and spend management software, has reached a valuation of about $60 billion in a new $1.85 billion funding round. Bloomberg reports this, citing sources familiar with the matter. For a company founded in 2019, it is another big jump: in November 2025 it was valued at $32 billion, so the valuation grew about 1.9x in less than a year.

What we know about the deal

Public details are still scarce. The source gives only the total size of the round and the resulting valuation. It is unclear who led the round, or how much of the money went into the company's capital and how much went to buying back shares from employees and early investors. Ramp has not officially confirmed the deal, at least Bloomberg's article does not say so. For now, the figures should be treated as unofficial.

A $1.85 billion round is very large for a company with this profile. By comparison, last year's entire $300 million round at a $32 billion valuation looked modest. If most of the new capital turns out to be primary, Ramp will have room for large acquisitions and a long fight for corporate customers.

Why the market is paying such a multiple

Ramp started as a card with automated spending controls and grew into a platform for finance departments: expenses, procurement, bill payments, accounting sync and corporate accounts. For the past two years the company has been betting on AI agents that check receipts, match spending against company policy, flag anomalies and close out routine bookkeeping without human involvement. According to previously published data, Ramp's annual revenue exceeded $1 billion in 2025. At that revenue base, today's valuation implies a multiple noticeably higher than traditional fintech companies command.

The reason is clear. Investors are not buying card interchange; they are buying a software layer that automates the work of finance teams. The more operations agents take on, the higher the margin and the harder it is for a customer to switch to a competitor.

Key figures from the report and public data:

• Round size: $1.85 billion (according to Bloomberg).
• Valuation: about $60 billion.
• Previous valuation: $32 billion in November 2025.
• Valuation growth: roughly 1.9x in 11 months.
• Year founded: 2019.
• Data status: no official confirmation from the company, investors not disclosed.

How to read this in practice

For CFOs and B2B software operators, the most important question is where the money will go. If Ramp directs the capital toward AI features and expansion beyond the US, Brex, Expensify, Bill.com and the expense modules inside ERP systems will feel the pressure. Competitors will have to either catch up on automation or retreat into narrow niches.

For startup founders, the signal is different. Investors are still paying generously for companies with fast revenue growth, especially when AI in the product brings in money rather than serving as a marketing sticker. At the same time, a $60 billion valuation prices in high expectations: any slowdown in growth will make the next round or an IPO noticeably harder.

Three things are worth watching: the company's own confirmation of the deal, the list of investors, and how Ramp discloses its revenue metrics and the share of AI features in its product. Those will show whether such a multiple is justified.