Ramp raises $1.85B at $60B valuation in Series G led by Dragoneer

Ramp has raised $1.85 billion in a Series G round led by Dragoneer, with co-leads Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, valuing the company at $60 billion. The deal also included participation from two dozen other investors, SiliconANGLE reported today.

The funding arrives as Ramp expands its focus from corporate credit cards and accounts payable to a wider suite of spend management tools. The company’s platform now combines travel, expenses, and vendor payments, aiming to automate finance operations for enterprise customers. This shift aligns with trends StartupReader has tracked, including former Ramp engineers raising $20 million for AI workflow startup Melius in October, pointing to demand for automation in finance-adjacent workflows.

The jump in valuation highlights investor enthusiasm for fintech companies scaling beyond their initial products. Other recent raises, like Barcelona-based ID Finance’s €545 million earlier this month for its consumer credit app Plazo, show similar investor appetite for software-driven financial services. However, as Ramp moves into broader spend automation, it faces competition from other players also expanding beyond their core offerings.

The size of the round suggests investors see potential in Ramp’s approach, though it remains to be seen whether customers will prefer a unified platform over specialized tools. Dragoneer’s participation may reflect confidence in Ramp’s growth, but observers will likely watch how the company balances expansion with profitability.

Sources: siliconangle.com