Dragoneer Leads Ramp’s $1.85 Billion Round at $60 Billion Value

Ramp raised $1.85 billion in a primary financing led by Dragoneer Investment Group on October 15, 2026, valuing the corporate card and spend management company at $60 billion and marking a new peak in Ramp expense management valuation.

The round comes four months after Ramp raised $750 million at a $44 billion valuation on June 4. The new figure is $16 billion, or 36%, above that mark and almost double the $32 billion set in November 2025.

For finance teams, the size of the cheque matters less than what it signals about the category. Ramp now sells cards, expense management, bill payments, procurement, travel, treasury, accounts receivable and close tools from one platform, and it is raising capital faster than any vendor that competes with it on a single product.

Ramp said annualised revenue now exceeds $2 billion, with positive cash flow. It defines annualised revenue as including interchange, subscription, interest and other revenue, excluding customer incentives.

Ramp expense management valuation: the round in detail

Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led alongside Dragoneer, according to Ramp’s announcement. Fidelity, T. Rowe Price, Coatue, General Catalyst, Lightspeed, Khosla Ventures and GIC also took part, with about 20 other investors.

The round is a primary financing, meaning the money goes to the company. Ramp has now raised roughly $5 billion in equity since its founding in 2019, including this round. A full history of its rounds is on Accountio’s Ramp funding page.

The step-up has been quick. The November 2025 round at $32 billion combined a $300 million primary raise with an employee tender offer and was led by Lightspeed Venture Partners. The June 2026 Series F raised $750 million at $44 billion, led by ICONIQ, GIC and Ontario Teachers’ Pension Plan, according to Ramp’s June release.

Ramp’s announcement does not say how it will spend the $1.85 billion.

“Ramp is the kind of company we love to back at Dragoneer. It’s already a market leader with a deep, durable moat, and it’s still growing incredibly fast.” Christian Jensen, Partner, Dragoneer

What Ramp’s growth numbers show

More than 85,000 companies now use Ramp, up from more than 70,000 when it launched in the UK in September. Customers include Visa, Uber, Shopify, Robinhood, Notion and Cursor.

Annualised purchase volume exceeds $275 billion, up 175% year over year. The number of customers generating more than $100,000 in revenue for Ramp rose 113% over the same period, which points to growth among larger buyers rather than only small businesses.

Revenue is growing 25% faster than it was a year ago, Ramp said. Most customers use two or more Ramp products and about a quarter use three or more.

Ramp also said customers save more than $1 billion a month, with the median customer saving 7.5% of spend, up from 5%. Those savings figures come from Ramp and have not been independently audited.

“We obsess over saving our customers time and money. That’s why we’re growing faster at more than twice the size we were a year ago.” Eric Glyman, Co-founder and Co-CEO, Ramp

Ramp’s push beyond expense management

The launches Ramp highlighted alongside the round show where it is heading. Ramp Accounts Receivable covers invoicing, payment follow-up, cash application and revenue recognition, taking the company from paying bills to collecting them.

Its Stack accounting operating system targets faster financial closes, a market historically held by dedicated close vendors and the ledger providers themselves. Bill payments sit in the same product range as the broader accounts payable automation category.

Ramp has also moved into AI cost control. AI Token Spend Management centralises oversight of AI spending across providers, teams, models, users and API keys, and Router.com sends inference requests through one endpoint to cut costs by up to 40%. Glass is a model-agnostic AI workspace.

Greg Cooley, controller at AngelList, said Token Spend Management cut the company’s monthly AI spend by 17.5%.

International expansion and acquisitions

Ramp opened to UK businesses on September 15, its first major expansion outside North America after a Canadian launch in July. It has offices in London and Stockholm and works with Visa on UK corporate cards.

Its regulated payments capability in the UK and EU comes from the March 2026 acquisition of Billhop, a Stockholm and London payments platform. Jacob Wallenberg, vice president of international expansion at Ramp, said the company has a team in London and “can’t wait to get to work.”

The UK launch is Ramp’s own detail to match against the funding: a US company now holds the licences to sell in both of Accountio’s other main markets, the UK and the EU. Finance teams outside the US should expect the product range described above to reach them in the coming quarters.

How rivals compare on spend management valuation

Ramp’s closest private rival no longer stands alone. Capital One announced the $5.15 billion acquisition of Brex on January 22, 2026, and completed it on April 7. Brex had been valued at $12.3 billion at its peak, so Ramp is now worth almost twelve times the Brex sale price. Accountio’s Brex vs Ramp comparison sets out how the products differ.

The public comparisons are smaller still. BILL Holdings reported fiscal 2026 revenue of $1.65 billion, up 13%, and fourth-quarter revenue of $436.2 million, up 14%, in its filing with the US Securities and Exchange Commission. BILL also announced in May that it would cut up to 30% of its workforce. Ramp’s annualised revenue is above BILL’s reported annual figure, although the two companies define revenue differently. See Accountio’s BILL vs Ramp comparison.

Navan, which competes with Ramp in travel and expense, has guided to second-quarter fiscal 2027 revenue of $219 million to $221 million, about 28% growth at the midpoint, in its first-quarter results. Expensify, the smaller expense specialist, is covered in Accountio’s Expensify vs Ramp comparison.

What the Ramp expense management valuation means for firms

For finance leaders, the practical question is concentration. A platform that holds the card, the bill, the invoice and the close is a single dependency, and Ramp’s growth in accounts payable and procurement means more firms will be asked to consolidate vendors onto it.

That has a cost side too. Ramp earns interchange and interest as well as subscriptions, so the price a customer sees is not the whole price. Buyers comparing it with subscription-only tools should model both.

The funding also gives Ramp room to price aggressively against standalone vendors. Dragoneer’s Jensen described Ramp as “a much broader financial operations platform” than a few years ago, with AI embedded in how it builds and operates.

Navan’s second-quarter figures, for the period ended July 31, are the next public number against which to measure Ramp’s growth.