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Ramp sells corporate cards and spend-management software that helps companies track and control their expenses.
Ramp is a financial technology company that gives businesses a corporate card and software to manage their spending. A company signs up, hands cards to employees, and every purchase flows into Ramp's dashboard, where finance teams can see what was spent, catch duplicate bills, and close the books faster. The pitch is simple: save money and time on the boring work of paying for things.
Ramp makes most of its money from the fees merchants pay when a card is swiped, called interchange — the same way a consumer credit card earns money. It also sells paid software subscriptions and add-on tools like bill pay, travel booking, and procurement. The company launched in 2019 and grew fast by giving away the card and core software for free, then charging for premium features. It has raised billions from investors and was last valued around $16 billion in 2024. The card business is crowded — Brex and older banks compete here, and American Express and JPMorgan Chase are huge in corporate cards. Ramp's edge is its software: it automatically flags out-of-policy spending, hunts for cheaper software subscriptions, and uses AI to read receipts. Customers choose it because it feels like a modern app instead of a bank portal.
Eric Glyman, Karim Atiyeh, and Gene Lee had already sold one company, Paribus, to Capital One. For their next act in 2019, they kept hearing the same complaint from about 100 finance people: chasing receipts and reconciling expenses was a miserable, endless chore. So they built a corporate card that does the opposite of most cards. Instead of quietly encouraging spending, it actively helps companies spend less.
When Ramp formally launched its card and expense tool in early 2020, Glyman ran the company as CEO and Atiyeh as CTO. Investors clearly liked the pitch: the company quickly raised a Series A led by Founders Fund, then added more money by the end of that year.
The growth came fast enough that within two years Ramp was the quickest New York startup ever to hit unicorn status, meaning a private valuation above a billion dollars. A spring funding round put it at $1.6 billion, and a second round that summer pushed it to roughly $3.9 billion. The little card that fights spending was suddenly worth a fortune.
In 2023 Ramp raised a big round valuing it at $5.8 billion, and that same month it pushed beyond cards. It added procurement, the messy work of handling purchase requests, managing vendors, and routing approvals. It also bundled everything into a paid subscription called Ramp Plus, charging a monthly rate per user plus a platform fee.
Also in 2023, Ramp bought Cohere, a startup building AI agents. Cohere's co-founder Rahul Sengottuvelu came along, and he would grow into a key technology leader at Ramp. It was an early sign the company saw software brains, not just cards, as its future.
By the middle of the decade, Ramp was no longer a scrappy challenger. It reached $1 billion in annualized revenue by August 2025, and its valuation rocketed through the year, climbing from $13 billion in March to $16 billion in June, $22.5 billion in July, and $32 billion by November. Each jump said the same thing: the card that helps you spend less had become a money machine.
Brex, Ramp's most direct rival, had once been valued at $12 billion. Then in early 2026, Capital One announced it would buy Brex for about $5.15 billion, a steep markdown and an exit to a traditional bank. For Ramp, the loudest competitor had just left the field, clearing its clearest path forward.
With Brex gone, Ramp's rise only sped up. In June 2026 it raised a $750 million round at a $44 billion valuation, nearly triple where it stood a year earlier. Revenue passed $1.5 billion annualized, with more than 70,000 customers and $200 billion in yearly purchase volume, and it kept spreading into new territory like managing AI token spending, plus buying the payments firm Billhop and the guest travel company Juno.
That same month, Ramp gave co-founder and CTO Karim Atiyeh a new title: co-CEO, sharing the top job with Glyman. Glyman said the reason was AI itself, an exponential change reshaping what Ramp could become, which made strategy more about technology and systems design than ever. Rahul Sengottuvelu stepped up to take over as CTO.
By October 2026 Ramp raised $1.85 billion led by Dragoneer at a $60 billion valuation, nearly double its mark from the year before. It now served over 85,000 businesses, powered more than $275 billion in annual purchases, and brought in over $2 billion in annualized revenue. It also opened its first markets outside the US, Canada and the UK, and launched new AI tools like Glass, Accounts Receivable, and Router.com. The scrappy card for chasing receipts had become a global money platform.
Ramp is private and does not pay dividends; it plows money back into product development and acquisitions. It bought several small software firms to add features like procurement and travel. The big question is whether the free-card model can stay profitable as interchange fees face pressure and rivals undercut it — but so far Ramp keeps adding customers and features, betting that saving companies money is a durable business.
Saved answer · last researched 6 Nov 2026