❯ Spend management company Ramp reportedly raises about $1.85 billion at a $60 billion pre-money valuation, up $16 billion in four months

Nearly double what was first discussedAccording to AI Weekly, relaying an October 9 Bloomberg report, Ramp closed about $1.85 billion led by Dragoneer and Thrive Capital, with Founders Fund also writing a large check, at a $60 billion pre-money valuation. When Bloomberg reported on it in early September, the company was in talks for about $1 billion.

Managing how companies spendRamp made its name managing corporate expenses. As PYMNTS recounts, it launched Ramp Stack, an AI system for accounting firms, in June, and in August launched Router, which decides which AI model handles each task for a company; Ramp said the tool cut its own AI costs by about 30%.

Three prices in under a yearLast November, Ramp was valued at $32 billion when it closed a $300 million financing and an employee tender offer; in June it raised a $750 million Series F at $44 billion; now it is at $60 billion. The company said in June that total payment volume grew about 170% year over year in March, its highest growth rate in three years.

Finance software starts managing the AI billRamp’s customers are corporate finance departments. As AI spending becomes a large line item of its own, whoever can see and control that money holds a new entry point, and that is what Router does. Traditional expense and spend-control software that does not follow will lose its place in the fastest-growing category of spending.

▮ SIGNALA spend-control company is telling its growth story around saving customers money on AI, which shows enterprise AI spending is now large enough to need dedicated tools to manage it.