❯ Corporate finance software maker Ramp raises $1.85 billion as its valuation jumps from $44 billion to $60 billion in four months

Second round in four monthsRamp announced on October 15 that it raised $1.85 billion at a $60 billion valuation. Dragoneer led, with Thrive, Founders Fund and others co-leading and Fidelity, T. Rowe Price and others joining; total equity raised is about $5 billion. TechCrunch reports it raised $750 million at a $44 billion valuation in June.

Handling how companies spend and collectRamp sells corporate finance software: company cards, expenses, procurement, supplier payments and collections. It now has 85,000 business customers, up from 70,000 in June, including Visa, Uber, Shopify, Notion and Cursor. Most customers use at least two products, and a quarter use three or more.

Revenue up $500 million in four monthsAnnualized revenue was about $1.5 billion in June and is now above $2 billion, with positive cash flow. Customers’ annualized spending through Ramp exceeds $275 billion, up 175% in a year. The company says its median customer saves 7.5% and does 22% less manual work.

A new business: AI billsRamp launched accounts-receivable automation to invoice, chase payments and reconcile automatically; AI spend management to track spending across model providers in one place; and Router.com, which picks models by performance and price and claims to cut inference costs up to 40%. Early investor Keith Rabois told TechCrunch Ramp will be the main way companies manage AI token spend.

It already holds the booksCompanies’ payment and collection records already sit in Ramp, so adding AI for expenses and collections requires no system switch or data move; another module is far easier than new software. TechCrunch notes that Rippling, which started in HR and payroll, is also moving into cards and expenses, and the two compete for the same finance budgets.

▮ SIGNALWhoever holds a company’s daily bills and payment records has the easiest time selling AI features, and finance software is cashing in on that advantage.