Expense management fintech Ramp has reportedly raised around $1.85 billion in new funding led by Thrive Capital and Dragoneer Investment Group, with Peter Thiel's Founders Fund also taking part, according to Bloomberg reporting cited by FinTech Futures.

FinTech Futures contacted Ramp to confirm the development. FinTech Global, citing the same Bloomberg report, notes the $60 billion figure is a pre-money valuation, meaning it excludes the new capital.

The pace is the story. Ramp raised $300 million at a $32 billion valuation in November 2025, then closed a $750 million Series F at $44 billion in June 2026 — and if the new report is accurate, it has almost doubled its valuation in less than a year.

The market context sharpens the surprise: FinTech Global notes Ramp's nearest competitor, Brex, was acquired by Capital One earlier in 2026 for $5 billion (FinTech Futures reports $5.15 billion), leaving no private spend-management peer close to Ramp's scale.

A valuation rising that quickly, against a market where the runner-up was bought rather than funded, is the kind of outcome venture watchers rarely see.

The valuation jump is anchored in reported operating numbers. FinTech Global reports Ramp's customer base reached 70,000 firms by June, up from 50,000 at the start of 2026, and that Bloomberg put its annualised revenue past $1.5 billion at that point.

At its Series F, Ramp disclosed total payment volume up roughly 170% year on year in March — its fastest expansion in three years — after twentyfold growth over the previous three years.

CEO Eric Glyman attributed the growth to finance undergoing 'the biggest structural change since the spreadsheet,' adding that while Ramp is growing fast, it still serves only a fraction of the market.

The capital backs a company visibly widening its footprint.

Ramp has acquired travel platform Juno and payments platform Billhop, through which it secured payment licenses in the UK and Sweden, and launched its platform to UK-headquartered businesses in September 2026 — its first major operational expansion outside North America, as FinTech Futures reports.

Domestically, FinTech Global says Ramp launched router.com in August, an AI cost-routing product that trims corporate AI spend by selecting which model handles each task; run internally for three years, it cut AI costs by around 30%.

With Brex absorbed by a bank, Ramp is now defining the category alone.

Neither the round nor the price is officially confirmed — both FinTech Futures and FinTech Global stress the figures come from Bloomberg reporting citing sources with direct knowledge, and FinTech Futures sought confirmation from Ramp.

If it closes as reported, attention will shift to whether Ramp's backers eventually push it toward a public listing, and whether its AI-era positioning — Glyman argues every company needs infrastructure to navigate an AI economy — can sustain a valuation that has tripled in about a year.

Current backers include Lightspeed, D1 Capital, Bessemer, Stripes, Goldman Sachs Alternatives, Morgan Stanley Investment Management, T Rowe Price and ICONIQ, per FinTech Futures.