Ramp Raises $1.85 Billion at $60 Billion Valuation to Expand AI Tools and European Operations
Oct. 16, 2026 • Article • Digital Assets
Ramp said on October 15, 2026, that it raised $1.85 billion in primary financing at a $60 billion valuation, up 36% from the valuation attached to a $750 million round four months earlier. Dragoneer Investment Group led the new financing, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth as co-leads. Ramp reported annualized revenue above $2 billion, positive cash flow, more than 85,000 business customers and annualized transaction volume exceeding $275 billion, up 175% year over year.
The spend-management company plans to invest in AI-driven financial automation and proprietary model infrastructure while expanding in the UK and continental Europe. Its existing initiatives include Router.com, an API designed to help enterprises manage generative AI costs, and acquisitions that secured UK and European payment licenses. Ramp has not disclosed how it will divide the proceeds among its priorities or set specific European launch dates. The financing follows Capital One’s acquisition of competitor Brex earlier this year.
Ramp confirmed on October 15, 2026, that it had closed a $1.85 billion primary financing round at a $60 billion valuation. The new capital is intended to fund AI-focused financial automation, proprietary model infrastructure and expansion in the UK and continental Europe.
The deal comes four months after Ramp raised $750 million at a $44 billion valuation. The latest figure represents a 36% increase, placing the company’s financing plans alongside a sharp rise in its reported business activity. Ramp said annualized revenue had surpassed $2 billion and that it was generating positive cash flow. Annualized revenue expresses a current revenue level as a yearly rate; it is not the same as revenue already earned over a full year.
Dragoneer leads the financing
Dragoneer Investment Group led the round. Thrive Capital, Founders Fund, Sands Capital and Avenir Growth served as co-leads. Other participating institutions included Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners and Greenoaks.
Ramp described the $60 billion figure as its valuation but did not specify in its official announcement whether it was calculated before or after the new financing. Earlier reports had characterized it as a pre-money valuation. That distinction matters when comparing financing terms, so the confirmed figure is best stated without either qualification.
The size of the primary round gives Ramp funding for the projects it identified in its announcement. The company has not provided a breakdown of how much it will allocate to AI development, model infrastructure or geographic expansion. The announced uses therefore establish its priorities, rather than a timetable or budget for each initiative.
Growth metrics and a rapid valuation increase
Ramp reported more than 85,000 business customers and over $275 billion in annualized transaction volume. It said that transaction-volume measure had increased 175% year over year. Like annualized revenue, annualized volume expresses a run rate; it should not be read as the amount processed during a completed calendar year.
Those figures provide context for the valuation increase, while measuring different aspects of the business. Transaction volume describes activity handled through Ramp, not the revenue the company retains from it. The company’s statement that it is generating positive cash flow is another operating indicator, distinct from both revenue and transaction volume.
In June 2026, Ramp raised $750 million in a Series F round at a $44 billion valuation. That financing was led by ICONIQ Capital, GIC and Ontario Teachers’ Pension Plan. The new round follows only four months later, with both a larger amount raised and a higher stated valuation. The announcements do not, however, establish how the new investment will change Ramp’s future revenue or transaction growth.
AI spending tools and European expansion
Ramp said it will use the proceeds to accelerate tools that automate financial work using AI and to invest in proprietary model infrastructure. The latter is a stated area of investment, not an announced product launch. The company also plans to build on its presence in the UK and continental Europe.
One existing initiative is Router.com, which Ramp introduced in August 2026. The model-routing API is designed to help enterprises manage and reduce spending on generative AI tokens and inference. Tokens are units of text processed by AI models, while inference refers to running a model to produce an output. Router.com addresses the cost of using those systems; Ramp has not specified how much of the new financing it will spend on the product.
Ramp has also expanded directly into Europe through its acquisitions of Sweden-based payments platform Billhop and travel provider Juno, securing UK and European payment licenses. Those earlier steps give context to its latest expansion plans, but the financing announcement did not set out specific launch dates or country-by-country targets.
The broader spend-management market changed earlier in 2026 when Capital One acquired Brex, a direct Ramp competitor, for $5.15 billion. Ramp’s new round comes against that backdrop, but its stated plans are focused on developing its own automation capabilities and extending its European presence. The next measure of those plans will be what the company builds and where it expands, rather than the valuation alone.
Ramp partnered with Stripe and Bridge in July 2026 to deploy stablecoin rails for business bill payments and yield-bearing stablecoin accounts funded through standard fiat bank accounts. The arrangement shows how stablecoins can be incorporated into familiar payment workflows without requiring businesses to fund every transaction with digital assets. The economics depend on more than the cost of moving a token on-chain. Stripe charges merchants 1.5% for stablecoin checkout transactions, versus its standard card-processing fee of 2.9% plus $0.30; neither figure establishes the price of Ramp’s bill-payment service. Businesses receiving fiat may also face foreign-exchange and off-ramp costs, typically 0.3% to 2.0% when converting into local banking systems. Domestic clearing networks and compliance checks remain part of end-to-end delivery. Bridge’s issuance and transfer tools, alongside its conditional U.S. trust-bank approval, illustrate the infrastructure behind those payments—but not the elimination of every payment cost.
StraitsX has opened onboarding for digital payment token providers across more than 100 markets through an expanded card-issuing architecture developed with Visa. Integration documentation published on 26 October 2026 describes a multi-BIN model that combines issuing sponsorship, transaction authorization, compliance screening and fiat clearing. The approach lets participating providers build stablecoin-backed card products while merchants continue to receive conventional fiat payments through Visa’s network. StraitsX says its card gross transaction value rose 40-fold year on year from Q4 2024 to Q4 2025, while cards issued across Asia increased 83-fold. On-chain issuer telemetry recorded monthly card transaction volume of $310 million to $438 million through October 2026. The company’s stated $6 billion annualized card transaction figure is distinct from its cumulative $70 billion in processed stablecoin volume. StraitsX and Visa have also scheduled demonstrations of agentic payments for November 2026.
ACI Worldwide and Circle announced a pilot on October 27, 2026, involving USDC and connectivity to Colombia’s Bre-B instant payments system. The integration runs through ACI Connetic, a payments orchestration platform, rather than embedding USDC in Bre-B’s central infrastructure. There is no indication that Colombia’s central bank has adopted USDC as a settlement asset for the national network. The distinction matters because ACI also supplies technology for Bre-B’s central directory and real-time clearing engine. Bre-B launched in October 2025 and handled more than 500 million transactions within five months. Connetic is designed to bring traditional payment rails and digital asset networks together without requiring banks to replace legacy core ledgers. ACI says the platform can support other digital assets and liquidity providers, so the pilot does not make USDC its exclusive option. The arrangement tests a vendor-level connection alongside an established public payment system, not a change to that system’s settlement rules.
Ripple received final approval on 26 October 2026 for Ripple National Trust Bank, giving it a federally chartered institution for fiduciary and custody activities. The charter does not authorize commercial deposits or loans, and it does not transfer issuance of Ripple’s RLUSD stablecoin to the new bank. RLUSD issuance remains with Standard Custody & Trust Company under New York State Department of Financial Services supervision. BNY is the primary custodian of the dollar deposits and U.S. Treasury reserves backing the stablecoin. The arrangement separates a federal custody role from state-supervised issuance. It also comes as the OCC implements the GENIUS Act’s stablecoin rules and faces a lawsuit from the Independent Community Bankers of America challenging its authority to grant national trust charters to crypto firms. Ripple has separately announced an expanded partnership with BNY and Robinhood focused on institutional custody capabilities and exploring tokenized trade finance.
Stripe confirmed in October 2026 that it plans to expand its Bridge- and Visa-powered stablecoin card issuing program from 18 initial countries to more than 100 by the end of the year. The planned rollout spans Europe, Asia-Pacific, Africa and the Middle East. It follows Stripe’s February 2025 acquisition of Bridge, whose APIs connect stablecoin transfers with fiat accounts and bank payouts. Stripe has also made Open USD available to businesses in Stripe Financial Accounts alongside USDC. Its broader stablecoin infrastructure combines Bridge’s conversion tools with Stripe’s existing payment and treasury network and embedded wallets from Privy. Lead Bank supports the card program as a financial institution partner and BIN sponsor. A separate deployment by Ramp uses Bridge APIs and Privy wallets to let businesses pay vendors in stablecoins using funds from fiat bank accounts. Together, the developments show how Stripe is assembling stablecoin services for business payments, while the planned geographic expansion remains unfinished.
Project Agorá settled approximately CHF 800,000 in live, multi-currency transactions during a July 2026 testing phase. The work examined a cross-border payment model that places tokenised commercial bank deposits on a shared ledger while holding tokenised central bank reserves on jurisdictional ledgers. Five central banks participated directly in live-reserve settlement, although the project’s wider central-bank group has since expanded to eight with the Bank of Canada’s entry. The project reports an average settlement time of 80 seconds across six currencies and uses smart contracts to run anti-money laundering, sanctions and fraud checks simultaneously. Legal analyses found that tokenisation did not change the underlying character of deposits or reserves in participating jurisdictions. The findings support further work on deposit-based wholesale settlement, but the supplied research does not establish that the approach outperforms stablecoins. The Eurosystem plans to draw on Agorá’s architecture for Projects Pontes and Appia.