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.