Ramp hits $60B valuation in $1.85B funding round

Ramp has secured a $1.85 billion funding round at a $60 billion valuation, led by Dragoneer Investment Group and Thrive Capital, with Founders Fund also participating. The deal was reported by Bloomberg and confirmed by sources familiar with the matter.

The round is among the highest in fintech in recent years, surpassing recent AI-driven deals like Discovery Loop’s reported $50 billion target and Instinct’s $10 billion Series C. While AI startups have drawn much of the attention—including Modal Labs’ $15 billion valuation talks and Instinct’s back-to-back $1 billion raises—Ramp’s funding suggests investors are still willing to back fintech at scale.

Unlike AI infrastructure or consumer agents, Ramp’s business—corporate cards and expense management—has relied on steady enterprise adoption rather than rapid growth expectations. Its valuation now matches levels seen before market shifts, a rare outcome for fintech startups.

What’s next: Whether Ramp’s valuation holds will depend on its ability to grow revenue or profitability. For now, the deal shows that some fintech companies can still attract large investments, even as AI remains the focus.

Sources: finance.yahoo.com