Spend management platform Ramp has secured $1.85 billion in a primary financing round valuing the company at $60 billion.
The round was led by Dragoneer Investment Group and co-led by Thrive Capital, Founders Fund, Sands Capital and Avenir Growth.
Ramp said its revenue is growing 25 percent faster now than it was at the same time last year.
"Ramp is the kind of company we love to back at Dragoneer. It's already a market leader with a deep, durable moat, and it's still growing incredibly fast," said Christian Jensen, partner at Dragoneer. "In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates."
Barron Martin, managing partner at Sands Capital, which first invested in Ramp three years ago, said that the opportunity to “automate the entire finance office” is more compelling than ever.
Ramp said most of its customers now use two or more of its products, and a quarter use three or more. It believes there is an opportunity to deliver more value as AI accounts for a greater share of spend.
"We obsess over saving our customers time and money. That's why we're growing faster at more than twice the size we were a year ago," said Eric Glyman, co-founder and co-CEO of Ramp. "AI opens up much more of the work it takes to run a company. Our opportunity is to get that work done at less cost. We want to help every business run better with AI."
The company recently launched AI token spend management to help finance and technical teams understand and control AI across providers, teams, models, users and API keys.
"At Uber's scale, small inefficiencies add up," said Justin Reyhl, head of global travel and expense at Uber. "We want our people focused on reimagining the way the world moves for the better, and we want every dollar we spend to advance the business. Ramp helps us scale our T&E operations without added layers of work, while keeping the spend under control."
Earlier this year Ramp acquired Juno, a company specializing in guest travel. A year ago the company announced $300 million in funding, bringing its valuation to $32 billion
This report originally ran in BTN portfolio mate PhocusWire.