Ramp has reportedly raised USD 1.85 billion in a round led by Dragoneer Investment Group and Thrive Capital, with Founders Fund participating.
According to Bloomberg, US-based Ramp has secured the funding at a pre-money valuation of approximately USD 60 billion, meaning the figure does not include the newly raised capital. Dragoneer Investment Group and Thrive Capital led the round, while Founders Fund also contributed a large cheque. Ramp declined to comment on the report, and the three investors did not immediately respond to requests for comment.
Second funding round in four months
The round marks Ramp’s second capital raise in roughly four months. In June 2026, the company raised USD 750 million at a USD 44 billion valuation, which means its valuation has risen by around 36% since then. Bloomberg first reported in September 2026 that Ramp was in early talks to raise new funding at a USD 60 billion valuation. Taken together, the June round and the round reported in October 2026 amount to approximately USD 2.6 billion in new capital.
Founded in 2019, Ramp provides finance-focused products for businesses, including expense reporting, payments processing, and fraud detection powered by artificial intelligence (AI). In June 2026, the company stated that it was working with 70.000 businesses, compared with 50,000 at the start of the year. That represents an increase of 40% in the first half of 2026.
Since the June round, Ramp has been exploring further uses of AI across its business. In August 2026, the company released a tool that routes tasks through lower-cost AI models where possible, so that more expensive models are reserved for tasks that require them. Ramp is also considering training its own AI models, which would be a first for the company.
These initiatives extend AI beyond Ramp’s customer-facing fraud detection capabilities and into the way the company manages its own model usage.
Consolidation in corporate spend management
According to the announcement, the new valuation places Ramp well ahead of other startups focused on corporate spend management. The segment has also seen consolidation in 2026. Brex, previously regarded as Ramp’s closest startup competitor, was acquired by Capital One Financial Corp. for USD 5.15 billion earlier in the year.
As a result, Ramp’s former closest startup rival now operates within a bank, while Ramp continues to raise capital as an independent company. Its reported pre-money valuation is more than 11 times the price Capital One paid for Brex.