Ramp has raised $1.85 billion from investors, bringing the company's valuation to $60 billion

Financial technology company Ramp has raised $1.85 billion in funding from investors. Following the round, the company's valuation reached $60 billion. The investment round was led by Dragoneer Investment Group, with participation from Thrive Capital, Founders Fund, Fidelity, T. Rowe Price, GIC and Coatue.

Ramp's valuation has grown significantly over the past four months. In June, when the company raised $750 million, its valuation stood at $44 billion.

Founded in 2019, Ramp offers corporate cards and expense management software to businesses. Its services are used by more than 85,000 businesses, which together spend over $275 billion annually. This figure grew by 175% over the course of a year.

At the current pace, Ramp's annual revenue will exceed $2 billion. The company is also developing new products to help businesses control AI-related spending.

Source: Yahoo Finance