That’s according to a report Friday (Oct. 9) by Bloomberg News, citing sources familiar with the matter. They said the spend management platform brought in $1.85 billion in the round, and that the $60 billion valuation does not include that amount.
PYMNTS has contacted Ramp for comment but has not yet gotten a reply.
Bloomberg had reported in September that Ramp was in early talks for a $60 billion valuation. That followed the $750 million the company raised in a Series F funding round in June at a $44 billion valuation.
Founded in 2019, Ramp offers a range of finance-focused products to businesses, such as expense reporting, payments processing, and fraud detection. The company said in June that it was working with 70,000 businesses, up from 50,000 at the start of 2026. According to Bloomberg, the company’s annualized revenue at the time had topped $1.5 billion.
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The report added that Ramp is by far the highest-valued startup in the corporate spend management space. Its closest rival, Brex, sold to Capital One earlier this year for $5 billion.
In announcing its Series F in June, Ramp said that the company grew its total payment volume (TPV) by about 170% year over year in March and that this represented its highest growth rate in three years.
Ramp Co-Founder and CEO Eric Glyman said in a news release that the company was growing that fast, despite being 20 times the size it was three years earlier, because “finance is going through the biggest structural change since the spreadsheet.”
“Every company needs infrastructure to navigate an AI economy, from a CFO in London to an accounting firm in Wichita,” Glyman said. “While we’re growing fast, we still only serve a fraction of the market. There’s a lot more work to do.”
PYMNTS reported in August that Ramp had introduced a tool called Router.com that reduces companies’ AI costs by deciding which AI model gets used. Prior to launch, Ramp had used Router internally for three years and found that the tool lowered AI costs by about 30%.
As that report said, this launch showed Ramp betting “that as businesses spread their AI work across many models instead of picking just one, the more valuable business won’t be building the smartest model. It will be deciding which model gets picked next.”
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