Ramp, a New York-based startup that provides corporate spend management and finance software, raised about US$1.85 billion at a roughly US$60 billion pre-money valuation, according to people familiar with the matter.

Dragoneer Investment Group and Thrive Capital led the round, with Founders Fund also participating. Ramp raised US$750 million in June at a US$44 billion valuation.

Founded in 2019, Ramp offers products including expense reporting, payment processing, and AI-powered fraud detection.

In June, the company said it was working with 70,000 businesses, up from 50,000 at the start of the year. Its annualized revenue had passed US$1.5 billion.

Ramp has also expanded its AI efforts. In August, it released a tool that routes tasks through lower-cost models where possible, and it was considering training its own AI models.

Ramp is the highest-valued startup focused on corporate spending management. Brex, previously its closest startup rival, was sold to Capital One Financial earlier this year for US$5.15 billion.

🔗 Source: Bloomberg