Ramp completes $1.85 billion funding round, hits $60 billion valuation: The crypto firm once burned $1.5 million in tokens in a single week, and now targets managing corporate AI billing.

Beating AI News: U.S. fintech firm Ramp announced it has closed a $1.85 billion funding round, pushing its valuation to $60 billion. The round was led by Dragoneer, with co-lead participation from Thrive Capital and Founders Fund. Just four months ago, Ramp raised $750 million at a $44 billion valuation, meaning its worth has surged by $16 billion in that short period. Founded in 2019, Ramp initially offered corporate credit cards and expense management, but has since expanded its services to include payments, procurement, and financial reconciliation. The company now serves over 85,000 businesses, an increase of 15,000 from June this year. Its platform processes more than $275 billion in annualized payments, a 175% year-over-year jump; annualized revenue exceeds $20 billion, and it has turned cash flow positive. At its latest valuation, this equates to roughly 30 times its annualized revenue. Ramp is extending its corporate financial management to cover AI-related spending. Co-CEO Eric Glyman previously disclosed that in May this year, the company’s token expenses for a single week reached as high as $1.5 million. Ramp then rolled out its internal cost management tools to the market, launching AI Token Spend Management, which helps businesses track expenses by employee, AI model, and API key. Its accompanying Router tool selects cheaper, performance-matched models for different tasks, with the company claiming customers save an average of around 40% on inference costs. On October 13, Ramp also opened early access to its AI workspace platform Glass, allowing teams to share prompts, skills, and automation workflows while tracking token consumption for each task. Early investor Keith Rabois told TechCrunch that Ramp’s goal is not to compete with enterprise management software firm Rippling, but to become a primary hub for businesses to manage AI token spending and its return on investment, ultimately competing with Anthropic.