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

On October 15, fintech company Ramp announced it had successfully raised $1.85 billion in a primary financing round, bringing its valuation to an impressive $60 billion. The funding round was spearheaded by Dragoneer Investment Group, with Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth joining as co-leaders. Established in 2019, Ramp provides corporate cards, payment solutions, and expense management tools.

The company currently serves over 85,000 clients, with these companies collectively handling more than $275 billion in annualized purchase volume. This represents a remarkable 175 percent increase from the previous year.