Fintech firm Ramp raises $1.85 billion at $60 billion valuation

On October 15, fintech company Ramp disclosed that it had successfully raised $1.85 billion in a primary financing round. This round valued Ramp at an impressive $60 billion. The funding was spearheaded by Dragoneer Investment Group, with additional contributions from Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth.

Established in 2019, Ramp specializes in providing corporate cards, payment services, and expense management applications. The company currently caters to over 85,000 companies, whose collective annualized purchase volume amounts to more than $275 billion. This figure represents a staggering 175 percent increase from the previous year.