Ramp Raises $1.85 Billion at $60 Billion Valuation to Expand AI Tools and European Operations
Oct. 16, 2026 • Article • Digital Assets
Ramp said on October 15, 2026, that it raised $1.85 billion in primary financing at a $60 billion valuation, up 36% from the valuation attached to a $750 million round four months earlier. Dragoneer Investment Group led the new financing, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth as co-leads. Ramp reported annualized revenue above $2 billion, positive cash flow, more than 85,000 business customers and annualized transaction volume exceeding $275 billion, up 175% year over year.
The spend-management company plans to invest in AI-driven financial automation and proprietary model infrastructure while expanding in the UK and continental Europe. Its existing initiatives include Router.com, an API designed to help enterprises manage generative AI costs, and acquisitions that secured UK and European payment licenses. Ramp has not disclosed how it will divide the proceeds among its priorities or set specific European launch dates. The financing follows Capital One’s acquisition of competitor Brex earlier this year.
Ramp confirmed on October 15, 2026, that it had closed a $1.85 billion primary financing round at a $60 billion valuation. The new capital is intended to fund AI-focused financial automation, proprietary model infrastructure and expansion in the UK and continental Europe.
The deal comes four months after Ramp raised $750 million at a $44 billion valuation. The latest figure represents a 36% increase, placing the company’s financing plans alongside a sharp rise in its reported business activity. Ramp said annualized revenue had surpassed $2 billion and that it was generating positive cash flow. Annualized revenue expresses a current revenue level as a yearly rate; it is not the same as revenue already earned over a full year.
Dragoneer leads the financing
Dragoneer Investment Group led the round. Thrive Capital, Founders Fund, Sands Capital and Avenir Growth served as co-leads. Other participating institutions included Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners and Greenoaks.
Ramp described the $60 billion figure as its valuation but did not specify in its official announcement whether it was calculated before or after the new financing. Earlier reports had characterized it as a pre-money valuation. That distinction matters when comparing financing terms, so the confirmed figure is best stated without either qualification.
The size of the primary round gives Ramp funding for the projects it identified in its announcement. The company has not provided a breakdown of how much it will allocate to AI development, model infrastructure or geographic expansion. The announced uses therefore establish its priorities, rather than a timetable or budget for each initiative.
Growth metrics and a rapid valuation increase
Ramp reported more than 85,000 business customers and over $275 billion in annualized transaction volume. It said that transaction-volume measure had increased 175% year over year. Like annualized revenue, annualized volume expresses a run rate; it should not be read as the amount processed during a completed calendar year.
Those figures provide context for the valuation increase, while measuring different aspects of the business. Transaction volume describes activity handled through Ramp, not the revenue the company retains from it. The company’s statement that it is generating positive cash flow is another operating indicator, distinct from both revenue and transaction volume.
In June 2026, Ramp raised $750 million in a Series F round at a $44 billion valuation. That financing was led by ICONIQ Capital, GIC and Ontario Teachers’ Pension Plan. The new round follows only four months later, with both a larger amount raised and a higher stated valuation. The announcements do not, however, establish how the new investment will change Ramp’s future revenue or transaction growth.
AI spending tools and European expansion
Ramp said it will use the proceeds to accelerate tools that automate financial work using AI and to invest in proprietary model infrastructure. The latter is a stated area of investment, not an announced product launch. The company also plans to build on its presence in the UK and continental Europe.
One existing initiative is Router.com, which Ramp introduced in August 2026. The model-routing API is designed to help enterprises manage and reduce spending on generative AI tokens and inference. Tokens are units of text processed by AI models, while inference refers to running a model to produce an output. Router.com addresses the cost of using those systems; Ramp has not specified how much of the new financing it will spend on the product.
Ramp has also expanded directly into Europe through its acquisitions of Sweden-based payments platform Billhop and travel provider Juno, securing UK and European payment licenses. Those earlier steps give context to its latest expansion plans, but the financing announcement did not set out specific launch dates or country-by-country targets.
The broader spend-management market changed earlier in 2026 when Capital One acquired Brex, a direct Ramp competitor, for $5.15 billion. Ramp’s new round comes against that backdrop, but its stated plans are focused on developing its own automation capabilities and extending its European presence. The next measure of those plans will be what the company builds and where it expands, rather than the valuation alone.
Mastercard and Visa are extending stablecoin technology into the systems that settle card payments between financial institutions, while leaving the consumer checkout experience largely unchanged. Mastercard completed its acquisition of stablecoin infrastructure provider BVNK in August 2026 and has expanded its network’s settlement options to include regulated stablecoins. Visa, meanwhile, is working with Stripe-owned Bridge and Lead Bank on on-chain settlement for card programs. The shift became more concrete in September, when SoFi Bank moved its credit and debit card issuing portfolio to live settlement using its bank-issued SoFiUSD. That portfolio represents more than $25 billion in annualized card volume, a measure distinct from the value settled in stablecoins. Visa separately reported an annualized stablecoin settlement run rate exceeding $25 billion in October. The networks’ initiatives target the back-end movement and reconciliation of funds, including periods when traditional bank settlement rails are unavailable; they do not require merchants to accept cryptocurrency.
The European Central Bank has launched Pontes, a bridge connecting tokenised-asset platforms to the Eurosystem’s TARGET Services for wholesale settlement in central bank money. The arrangement enables atomic delivery-versus-payment settlement, in which an asset and its payment move together. It does not yet make wholesale settlement available around the clock: Pontes depends on T2 operating hours and requires tokenised central bank money balances to be defunded at the end of the day. ECB Executive Board member Piero Cipollone says the Eurosystem plans to extend Pontes operating hours substantially by mid-2027 and reach 24/7/365 availability in 2028. Separately, the Bank for International Settlements’ Project Agorá has tested cross-border payments using a shared programmable ledger that brings tokenised commercial bank deposits and central bank reserves into a single settlement process. Both initiatives address delays and liquidity demands in wholesale payments, but neither makes continuous, cross-border settlement available today.
Project Agorá’s real-value testing settled 30 live, multi-currency transactions worth approximately CHF 800,000, with atomic settlement averaging about 80 seconds. The tests involved 28 commercial institutions and five central banks. The result shows how tokenised commercial bank deposits and central bank reserves could support faster cross-border settlement, though it does not establish that settlement latency has been eliminated. The project’s prototype found that tokenisation did not change the legal character or regulatory obligations of deposits and reserves. Its design also let participating institutions conduct compliance checks concurrently. Seven more commercial banks joined in September 2026, taking private-sector participation to nearly 50 institutions. At Sibos in October, banking executives described the testing pipeline as a step towards production trials alongside the European Central Bank’s Pontes platform. The Federal Reserve Bank of New York did not participate in the live test transactions, an important qualification for the US dollar tests.
Ripple’s final federal trust bank charter, a Moody’s investment-grade rating for RLUSD and a planned expansion of the stablecoin’s availability on Coinbase have strengthened its position as a regulated digital dollar. Coinbase said Global Exchange access, including eligibility to use RLUSD as trading collateral, will follow its initial retail and prime rollout. Moody’s assigned RLUSD an A2 long-term deposit rating and a P-1 short-term rating, the first investment-grade rating it has given a stablecoin. The distinctions behind those developments matter. Ripple National Trust Bank manages RLUSD’s reserve collateral, but the legal issuer remains Standard Custody & Trust Company, a New York-regulated Ripple subsidiary. The national trust bank is uninsured and cannot take commercial retail deposits or extend credit. Moody’s also noted that holders do not currently own the underlying reserves directly and that statutory bankruptcy protections depend on implementation of the GENIUS Act, whose rules take effect in January 2027.
Ramp partnered with Stripe and Bridge in July 2026 to deploy stablecoin rails for business bill payments and yield-bearing stablecoin accounts funded through standard fiat bank accounts. The arrangement shows how stablecoins can be incorporated into familiar payment workflows without requiring businesses to fund every transaction with digital assets. The economics depend on more than the cost of moving a token on-chain. Stripe charges merchants 1.5% for stablecoin checkout transactions, versus its standard card-processing fee of 2.9% plus $0.30; neither figure establishes the price of Ramp’s bill-payment service. Businesses receiving fiat may also face foreign-exchange and off-ramp costs, typically 0.3% to 2.0% when converting into local banking systems. Domestic clearing networks and compliance checks remain part of end-to-end delivery. Bridge’s issuance and transfer tools, alongside its conditional U.S. trust-bank approval, illustrate the infrastructure behind those payments—but not the elimination of every payment cost.
StraitsX has opened onboarding for digital payment token providers across more than 100 markets through an expanded card-issuing architecture developed with Visa. Integration documentation published on 26 October 2026 describes a multi-BIN model that combines issuing sponsorship, transaction authorization, compliance screening and fiat clearing. The approach lets participating providers build stablecoin-backed card products while merchants continue to receive conventional fiat payments through Visa’s network. StraitsX says its card gross transaction value rose 40-fold year on year from Q4 2024 to Q4 2025, while cards issued across Asia increased 83-fold. On-chain issuer telemetry recorded monthly card transaction volume of $310 million to $438 million through October 2026. The company’s stated $6 billion annualized card transaction figure is distinct from its cumulative $70 billion in processed stablecoin volume. StraitsX and Visa have also scheduled demonstrations of agentic payments for November 2026.