Ramp, founded in 2019, initially built its business around corporate cards and expense management. Its services have since expanded into accounts payable, procurement, payments, accounting-related workflows, and other tools used by corporate finance departments.
The company reported more than 85,000 business customers and over $275 billion in annualized purchase volume as of October 1. Purchase volume increased 175% from a year earlier.
Ramp also reported a 113% year-over-year increase in the number of customers generating more than $100,000 in revenue for the company.
Product adoption offers another indication of how the business is changing. Most customers now use at least two of its products, while approximately one-quarter use three or more.
The latest investment arrives as businesses face growing pressure to measure the cost and effectiveness of artificial intelligence tools. Corporate spending on AI increasingly involves multiple providers, usage-based pricing arrangements, and software services that can be difficult to track through conventional expense categories.
Ramp is positioning its financial management platform to address those requirements. Among its recently introduced products is AI Token Spend Management, which allows finance and technical teams to monitor spending across AI providers, models, users, and application programming interface keys.
Another offering, Router.com, is designed to direct AI requests between models according to performance and cost. Ramp says the service can reduce inference expenses by up to 40%.
The company has also introduced Ramp Accounts Receivable, which automates parts of invoicing, payment follow-up, cash application, and revenue recognition. These additions extend its software offering beyond controlling outgoing expenditure to managing aspects of incoming payments.
The expansion places Ramp in a broader market for financial operations software, where customers may evaluate products based on integration capabilities, reliability, cost, and the amount of administrative work they can eliminate.
The company said its median customer achieves spending savings of 7.5%, compared with 5% a year earlier. It also reported that customers complete transactions with 22% less manual work.
Ramp's positive cash-flow statement provides another indicator of its financial position.
The $1.85 billion financing gives Ramp additional resources as it expands its product range and competes for a larger share of corporate financial operations.
Its strategy increasingly connects traditional financial management with AI-related expenditure. Rather than treating AI subscriptions and computing costs as isolated technology purchases, Ramp is incorporating them into the broader processes companies use to approve, monitor, and analyze spending.
The approach could create opportunities to deepen customer relationships, particularly among businesses seeking fewer disconnected systems.
The latest round demonstrates continued investor willingness to fund established private fintech companies reporting rapid growth.
