Fintech startup Ramp has raised $1.85 billion through a new share issuance, Reuters reported on Oct. 15 local time. Ramp was valued at $60 billion in the funding round.

The round was led by Dragoneer Investment Group, the report said. Thrive Capital, Founders Fund, Sands Capital and Avenir Growth participated as co-lead investors. Fidelity Management & Research, T. Rowe Price, GIC and KOTU were also among the investors.

Ramp's valuation rose to $60 billion from $44 billion in June in a little more than three months.

Ramp, headquartered in New York, provides corporate cards and expense management software. The company said Ramp's annualised revenue has exceeded $2 billion and its cash flow is positive.

Founded in 2019, Ramp has more than 85,000 corporate customers.

Ramp is also expanding its AI tools business. It also provides software that monitors AI spending and cuts the operating costs of AI models.

The investment shows growing investor interest in financial automation, Reuters said.

Expense processing, procurement and corporate cash management have long been markets dominated by large, established players. New software companies have recently been pushing into the space with AI, Reuters added.