Most mid-sized companies juggle 15-20 finance tools, leading to complexity and inefficiency. Ramp simplifies this by combining corporate cards and financial software into one platform, replacing multiple tools. This all-in-one solution streamlines spending, expense management, and reporting, helping businesses save time and operate more efficiently as they grow.
The New York-based company has announced a $150 million secondary share sale, nearly doubling its valuation to $13 billion, up from $7.65 billion in April 2024. Investors including Stripes, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures, and Definition Capital participated in the share sale, acquiring equity from early employees and investors.
Back in 2023, Ramp secured $300 million in funding in a downround, which valued it at $5.8 billion. The previous year, the company bagged $750 million in funding at $8.1 billion.
In addition, it has crossed $700 million in annualised revenue as of January 2025, claim reports. This is a major milestone for the company that surpassed $100 million in revenue before it turned three in 2022 and $300 million by mid-2023.
Powers business finance
Ramp was founded in 2019 by Eric Glyman, Gene Lee and Karim Atiyeh. Ramp is a fintech company that provides businesses with an AI-powered financial platform to streamline expense management, bill payments, procurement, travel booking, and treasury services. By consolidating multiple financial tools into one, Ramp helps companies automate workflows, cut unnecessary costs, and improve financial visibility. It primarily makes money through interchange fees on card transactions, SaaS subscriptions, and transaction-based revenue from bill payments and foreign exchange.
AI-driven cost reduction and efficiency
AI is playing a crucial role in reducing Ramp’s cash burn, which has now fallen to less than $2 million per month. The company is leveraging AI to optimise financial operations, automate processes, and reduce inefficiencies, helping businesses shift from traditional finance management to autonomous financial operations.
Competition
Ramp operates in a competitive landscape alongside several major players. Brex is a key rival, offering corporate cards and financial management tools tailored for startups and enterprises. Airbase provides a similar all-in-one spend management solution with a focus on accounts payable and procurement. Divvy (acquired by Bill.com) specialises in expense management with automated budgeting features. Mesh Payments is another competitor offering AI-driven corporate spend management. Despite the competition, Ramp’s rapid growth and AI-driven automation have helped it carve out a strong position in the market.
What’s next for Ramp?
With over 1,000 employees as of late 2024, Ramp is scaling aggressively. Its growing share of the U.S. corporate card market, currently between 1-2%, signals immense growth potential as it expands further into enterprise finance. As the fintech sector matures, Ramp’s ability to sustain high growth while maintaining capital efficiency makes it one of the most promising financial technology firms to watch in 2025.
“We’re obsessed with one goal: giving businesses back their time and money,” said Eric Glyman, Co-founder and CEO of Ramp. “Every product we build, every feature we launch, is focused on eliminating financial waste and busywork so companies can run more profitably. AI is fundamentally changing how businesses operate, and we’re ensuring our customers are at the forefront of this transformation.”
“Ramp’s ability to execute across multiple product lines while maintaining extraordinary growth and efficiency at scale puts them in an elite class of software businesses, exemplifying Stripes’ focus on truly amazing products and teams that are obsessed with compounding value for customers over time,” said Ken Fox, Founder and Managing Partner at Stripes. “With AI deeply embedded in its roadmap, Ramp is uniquely positioned to lead the next wave of automation across the full stack of financial operations.”
“With Ramp, we were able to unlock a lot of our team’s capacity around expense management and redeploy it towards other opportunities,” added Kaustubh Khandelwal, VP of Finance at Poshmark. “As a result, we exceeded our free cash flow goals, achieving it within seven months instead of twelve.”
“We’re at the start of an unprecedented wave of technological breakthroughs. The companies that will matter most are those turning these advances into tangible value and economic gains,” added Kareem Zaki, Partner at Thrive Capital. “Ramp has been quietly doing this since day one – taking processes that used to take hours and reducing them to seconds, all with the goal of helping businesses run more efficiently and profitably. That’s the kind of practical innovation that creates lasting value.”
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