Expense management firm Ramp has soared to a valuation of $60 billion after raising $1.85 billion in a new funding round, marking just four months since it was valued at $44 billion. The company has added AI agents to its suite of financial tools, including a corporate credit card designed for AI agents, and has seen its revenue grow to over $2 billion annually.

Ramp’s expansion into payments, fraud detection, procurement, vendor management and even accounting has seen it compete with HR software company Rippling for finance-team budgets. Investors, including Dragoneer Investment Group and Thrive Capital, see potential for Ramp to transform financial operations with its AI-driven tools.

Christian Jensen of Dragoneer stated, 'In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates.' The startup plans to use the funds to further expand its product lineup and compete with companies like Anthropic, aiming to be the primary tool for managing token spend and optimizing ROI.

Keith Rabois, an early investor, envisions Ramp as the primary tool for managing token spend, optimization and ROI, leading to competition with companies like Anthropic. As Ramp continues to grow, the tech landscape may see a shift in the balance of power.