Expense management company Ramp said on Thursday that it had raised $1.85 billion in a new funding round that values it at $60 billion, just four months after raising $750 million at a $44 billion valuation.

The financing was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth.

Ramp said its annualized revenue has crossed $2 billion, up from a reported $1.5 billion in June, and that its revenue growth is 25% faster than it was around this time last year. The company claims it now facilitates annualized purchase volume of over $275 billion, up 175% from a year earlier. It also says it has 85,000 customers, up from 70,000 in June, including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor, and Figma.

The funding comes as Ramp has been expanding beyond expense management into payments, fraud detection, procurement, vendor management, and, of late, even accounting.

The startup has also built an AI story around itself, embedding AI agents into its procurement, expense management, accounting, budgeting, and other products. It also launched a corporate credit card specifically designed for AI agents to use, and in August entered the model routing business to tap the booming AI inference market and give existing clients a model routing service that fits neatly with its current products, including AI token usage monitoring and token spend management.

Earlier this month, Ramp launched Glass , a workspace that collects and remembers the AI automations, prompts, and skills that an organization’s employees build so others can take advantage of the company’s collective knowledge and skills.

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