Ramp is now worth 60 billion dollars, 16 billion more than four months ago: an expense-management firm whose investor says it will race Anthropic

Four months ago Ramp raised 750 million dollars (669 million euros) at a valuation of 44 billion dollars. Now it is raising 1.85 billion dollars (1.65 billion euros) and is worth 60 billion dollars (53.5 billion euros). That's 16 billion dollars more in a single season, for a company known for corporate cards and an app for tracking business expenses.

The round is co-led by five funds: Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth. That brings the total Ramp has raised to around 5 billion dollars (about 4.5 billion euros).

The numbers the company uses to justify the jump: annualised revenue above 2 billion dollars (1.78 billion euros), against a reported 1.5 billion dollars in June. Payment volume through its products is above 275 billion dollars a year, up 175 percent in one year. It has 85,000 customers, up from 70,000 in June, including Visa, Uber, Shopify and Figma. All these figures come from the company itself.

Ramp stopped being just a card long ago. Its offering now includes payments, fraud detection, procurement, vendor management and accounting. And AI is everywhere, at least in the press releases: AI agents in every product, a corporate card designed for the AI agents themselves, a service launched in August that routes requests to different models, and Glass, a space where employees collect and share the automations and AI instructions they've built.

Christian Jensen, a partner at Dragoneer, says: "In just a few years, Ramp has grown into a much broader platform for financial operations." Keith Rabois, one of the early investors, goes further. Rival Rippling, which Ramp competes with for finance departments' budgets, isn't a problem in his view: "Ramp doesn't worry about Rippling." Then he drops the big line: "We'll be competing with Anthropic."

An expense-management firm measuring itself against an AI lab - that's either vision or a sentence written for the next funding round. How many companies in our part of the world still collect receipts in an envelope at the end of the month and hand them to the accountant? In America, automating that boring job is now worth 60 billion dollars.