[Ramp Completes $1.85 Billion Financing, Valuation Reaches $60 Billion: Once Burned $1.5 Million in Tokens in a Week, Now Managing Enterprise AI Bills] Beating AI News Flash: U.S. fintech company Ramp announced the completion of a $1.85 billion financing round, bringing its valuation to $60 billion. The round was led by Dragoneer, with Thrive Capital, Founders Fund, and others co-leading. Just four months ago, Ramp raised $750 million at a $44 billion valuation, and in a short span of four months, its valuation has increased by $16 billion. Founded in 2019, Ramp initially provided corporate credit cards and expense management services. Today, its business has expanded to include payments, procurement, and financial reconciliation. The company currently serves over 85,000 businesses, an increase of 15,000 since June of this year. The platform's annualized payment volume exceeds $275 billion, reflecting a 175% year-over-year growth. Annualized revenue has surpassed $2 billion, and cash flow has turned positive. Based on its latest valuation, the company is valued at approximately 30 times its annualized revenue. Ramp is extending its enterprise financial management capabilities to include AI-related expenses. Co-CEO Eric Glyman previously revealed that in May of this year, the company spent as much as $1.5 million on tokens in a single week. Ramp subsequently leveraged its internal cost management capabilities to launch AI Token Spend Management, helping businesses track expenses by employee, model, and API key. The accompanying Router tool can select cheaper and performance-appropriate models for different tasks, with the company claiming that customers save an average of 40% on inference costs. On October 13, Ramp also opened early access to its AI work platform, Glass, which allows employees to share prompts, skills, and automated workflows while tracking token consumption for each task. Early investor Keith Rabois even told TechCrunch that Ramp's goal is not to compete with enterprise management software company Rippling, but to become the primary gateway for managing enterprise AI token expenses and return on investment, ultimately competing with Anthropic. [Original Link]