Ramp closes $1.85 billion funding at a $60 billion valuation: once burned $1.5 million in tokens a week, now aims to manage enterprise AI bills.

动察 Beating AI News Flash: U.S. fintech company Ramp has announced the completion of a $1.85 billion funding round, reaching a valuation of $60 billion. The round was led by Dragoneer, with Thrive Capital, Founders Fund, and others co-leading. Four months ago, Ramp had just raised $750 million at a valuation of $44 billion, and in just four months its valuation has risen by another $16 billion.

Founded in 2019, Ramp initially provided corporate credit cards and expense management, and has now expanded into payments, procurement, and financial reconciliation. The company currently serves more than 85,000 businesses, an increase of 15,000 since June this year. Its annualized payment volume exceeds $275 billion, up 175% year-over-year; annualized revenue exceeds $2 billion, and cash flow has already turned positive. Based on the latest valuation, that is about 30 times annualized revenue.

Ramp is extending corporate financial management into AI spending. Co-CEO Eric Glyman previously revealed that in May this year, the company had a single week with Token expenses reaching as high as $1.5 million. Ramp subsequently brought its internally used cost management capabilities to market, launching AI Token Spend Management to help businesses track expenses by employee, model, and API Key. The accompanying Router can select cheaper models with suitable performance for different tasks, and the company says customers save about 40% on inference costs on average.

On October 13, Ramp also opened early access to its AI work platform Glass, allowing employees to share prompts, skills, and automated workflows, and to track the Token consumption of each task. Early investor Keith Rabois even told TechCrunch that Ramp's goal is not to compete with enterprise management software company Rippling, but to become the main entry point for enterprises to manage AI Token spending and return on investment, and ultimately to compete with Anthropic.