# Ramp

> Source: https://docs.barcoder.ai/docs/wallets/ramp
> research date 2026-05-30 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Ramp — official](https://ramp.com/)

## Overview

**Ramp** is US business spend management + corporate card fintech + **~50,000+ customers + 2,200+ enterprise customers +133% YoY** + **$1B+ annualized revenue +54% YoY** + **$100B+ annual purchase volume** + **$32B valuation Nov 2025** + **talks for $750M raise at $40B+ valuation May 2026** <sup>[1][1], [2][2], [United States report](https://docs.barcoder.ai/docs/payments/US)</sup>. **2025 baseline**: Ramp ~50,000+ customers + 2,200+ enterprise customers +133% YoY + $1B+ annualized revenue (doubled from ~$500M to $1B+ in 12 months through Nov 2025); **$32B valuation Nov 2025 + talks for $750M raise at $40B+ valuation May 2026** distinctive US business spend management + corporate card fintech valuation milestones; **Customers include CBRE + Shopify + Anduril + Figma + Notion + Cursor** distinctive US business spend management + corporate card fintech enterprise customer base; **Free-cash-flow generation + underlying profitability +153% YoY** distinctive US business spend management + corporate card fintech profitability.

**Distinctive Ramp positioning**:
- **US business spend management + corporate card fintech** (Ramp Business Corporation; ramp.com)
- **~50,000+ customers + 2,200+ enterprise customers +133% YoY** distinctive US business spend management + corporate card fintech scale
- **$1B+ annualized revenue +54% YoY** distinctive US business spend management + corporate card fintech revenue scale
- **$100B+ annual purchase volume** distinctive US business spend management + corporate card fintech transaction volume
- **$32B valuation Nov 2025 + talks for $750M raise at $40B+ valuation May 2026** distinctive US business spend management + corporate card fintech valuation milestones
- **Customers include CBRE + Shopify + Anduril + Figma + Notion + Cursor** distinctive US business spend management + corporate card fintech enterprise customer base
- **Free-cash-flow generation + underlying profitability +153% YoY** distinctive US business spend management + corporate card fintech profitability
- **2019 Ramp founding by Eric Glyman + Karim Atiyeh + Gene Lee post-Paribus success acquired by Capital One** distinctive US business spend management + corporate card fintech founder heritage

## History

**2019 — Ramp founded by Eric Glyman + Karim Atiyeh + Gene Lee post-Paribus success acquired by Capital One** as US business spend management + corporate card fintech.

**2020 — Ramp corporate card launches** as US business spend management + corporate card fintech.

**Nov 2025 — Ramp $32B valuation post-$300M Series F funding round led by Lightspeed Venture Partners + Ramp grew its enterprise customer base by 133% year over year, with more than 2,200 customers + Revenue grew from roughly $500M to over $1B in the twelve months through November 2025, with underlying profitability growing 153% year-over-year over the same period** <sup>[1][1], [2][2]</sup>.

**May 2026 — Ramp in talks to raise $750M at a pre-money valuation above $40B** <sup>[3][3]</sup>.

**Since 2019 launch — Ramp total equity raised $2.3B** post-fourth fundraise of 2025.

## Ownership & operator

**Operating entity**: **Ramp Business Corporation** (privately-held; $32B valuation Nov 2025; talks for $750M raise at $40B+ valuation May 2026).

**Major shareholders**: **Eric Glyman (co-founder + CEO) + Karim Atiyeh (co-founder) + Gene Lee (co-founder) + Lightspeed Venture Partners + Founders Fund + Stripe + Coatue + Iconiq Growth + Sands Capital + Khosla Ventures + 8VC + D1 Capital + Definition + ICONIQ Growth + Redpoint Ventures + Sequoia Capital + Avenir Growth + Altimeter + Avenir + others + total equity raised $2.3B since 2019 launch**.

**Regulators**: **FDIC + OCC (via partner banks Celtic Bank + Sutton Bank + others)**.

## Technical integration

Ramp mobile app (iOS + Android) + ramp.com online + Ramp Visa corporate card + Ramp Bill Pay + Ramp Travel + Ramp Procurement + Ramp Treasury; ACH + RTP + Fedwire + SWIFT; **US business spend management + corporate card fintech using partner-issued banking model via Celtic Bank + Sutton Bank + others** distinctive US business spend management + corporate card fintech BaaS model + **AI-driven spend management with built-in expense management + bill pay + procurement + travel** distinctive US business spend management + corporate card fintech AI-driven product expansion.

## Users & growth

**Nov 2025**: Ramp ~50,000+ customers + 2,200+ enterprise customers +133% YoY + $1B+ annualized revenue +54% YoY + $100B+ annual purchase volume + $32B valuation + free-cash-flow generation + underlying profitability +153% YoY.

## Use cases

US + international (CA + GB + EU) retail + private + business + startup + enterprise + corporate card + spend management + bill pay + procurement + travel + treasury banking via Ramp mobile + ramp.com online + Visa corporate card + Ramp Bill Pay + Ramp Travel + Ramp Procurement + Ramp Treasury; ACH + RTP + Fedwire + SWIFT; **US business spend management + corporate card fintech using partner-issued banking model via Celtic Bank + Sutton Bank + others** distinctive US business spend management + corporate card fintech BaaS model + **AI-driven spend management with built-in expense management + bill pay + procurement + travel** distinctive US business spend management + corporate card fintech AI-driven product expansion.

## Implementations & partners

**Operator**: Ramp Business Corporation (privately-held; $32B valuation Nov 2025; talks for $750M raise at $40B+ valuation May 2026); Eric Glyman (co-founder + CEO) + Karim Atiyeh (co-founder) + Gene Lee (co-founder) + Lightspeed Venture Partners + Founders Fund + Stripe + Coatue + Iconiq Growth + Sands Capital + Khosla Ventures + 8VC + D1 Capital + Definition + ICONIQ Growth + Redpoint Ventures + Sequoia Capital + Avenir Growth + Altimeter + Avenir + others + total equity raised $2.3B since 2019 launch.

**Partner banks**: **Celtic Bank + Sutton Bank + others** distinctive US business spend management + corporate card fintech BaaS model.

**Enterprise customer ecosystem**: **CBRE + Shopify + Anduril + Figma + Notion + Cursor** distinctive US business spend management + corporate card fintech enterprise customer base.

**Major US business banking + startup banking + spend management competitors**: [Mercury](https://docs.barcoder.ai/docs/wallets/mercury) (US business banking fintech for startups + small businesses; ~200,000 companies and individuals served; $5.2B valuation post-May 2026 $200M Series D; 75 NPS) + [Brex](https://docs.barcoder.ai/docs/wallets/brex) (US business banking + corporate card startup; ~25,000 businesses; $700M annualized revenue + Capital One $5.15B acquisition; peak $12.3B valuation 2022) + [Novo](https://docs.barcoder.ai/docs/wallets/novo) (US business banking fintech for SMBs) + [Bluevine](https://docs.barcoder.ai/docs/wallets/bluevine) (US business banking fintech for SMBs) + Lili (US business banking fintech for freelancers + small business) + Grasshopper Bank (US business banking + nationally chartered banking for startups) + Silicon Valley Bank (US SVB; First Citizens BancShares post-Mar 2023 collapse acquisition) + Divvy (US business spend management; BILL acquired) + Airbase (US business spend management; Paylocity acquired) + Expensify (US business expense management; NASDAQ: EXFY).

**Regulators**: FDIC + OCC (via partner banks).

## Fun facts

- **US business spend management + corporate card fintech** (Ramp Business Corporation; ramp.com).
- **~50,000+ customers + 2,200+ enterprise customers +133% YoY** distinctive US business spend management + corporate card fintech scale.
- **$1B+ annualized revenue +54% YoY** distinctive US business spend management + corporate card fintech revenue scale.
- **$100B+ annual purchase volume** distinctive US business spend management + corporate card fintech transaction volume.
- **$32B valuation Nov 2025 + talks for $750M raise at $40B+ valuation May 2026** distinctive US business spend management + corporate card fintech valuation milestones.
- **Customers include CBRE + Shopify + Anduril + Figma + Notion + Cursor** distinctive US business spend management + corporate card fintech enterprise customer base.
- **Free-cash-flow generation + underlying profitability +153% YoY** distinctive US business spend management + corporate card fintech profitability.
- **2019 Ramp founding by Eric Glyman + Karim Atiyeh + Gene Lee post-Paribus success acquired by Capital One** distinctive US business spend management + corporate card fintech founder heritage.

## Comparison

| Feature | Ramp | [Brex](https://docs.barcoder.ai/docs/wallets/brex) (US business banking + corporate card startup rival; ~25,000 businesses; Capital One $5.15B acquisition) | [Mercury](https://docs.barcoder.ai/docs/wallets/mercury) (US business banking fintech rival; ~200,000 companies served; $5.2B valuation post-May 2026 $200M Series D) | [Novo](https://docs.barcoder.ai/docs/wallets/novo) (US business banking fintech for SMBs rival) | Divvy (US business spend management rival; BILL acquired) |
|---|---|---|---|---|---|
| Operator | **Ramp Business Corporation (privately-held; $32B valuation Nov 2025; talks for $750M raise at $40B+ valuation May 2026)** | Brex Inc. (privately-held; pre-Capital One $5.15B acquisition announced; peak $12.3B valuation 2022) | Mercury Technologies Inc. (privately-held; $5.2B valuation post-May 2026 $200M Series D) | Novo Platform Inc. (privately-held) | Divvy (BILL acquired; NYSE: BILL) |
| Type | **~50,000+ customers + 2,200+ enterprise customers +133% YoY + $1B+ annualized revenue +54% YoY + $100B+ annual purchase volume + $32B valuation Nov 2025 + talks for $750M raise at $40B+ valuation May 2026 + Customers include CBRE + Shopify + Anduril + Figma + Notion + Cursor + free-cash-flow generation + underlying profitability +153% YoY** | ~25,000 businesses + $700M annualized revenue + Q1 2025 enterprise revenue grew 70% + enterprise net revenue retention exceeded 130% + operating-cash-flow positive Oct 2025 + Capital One $5.15B acquisition (58% contraction from 2021 peak $12.3B valuation) | ~200,000 companies and individuals served + 75 NPS (vs 34 industry average) + Used by more than half of all Y Combinator cohorts + $5.2B valuation post-May 2026 $200M Series D | US business banking fintech for SMBs | US business spend management + BILL acquired |
| Country | US + CA + GB + EU | US + CA + GB + MX + BR | US | US | US |
| Distinctive | **2019 Ramp founding by Eric Glyman + Karim Atiyeh + Gene Lee post-Paribus success acquired by Capital One; 2020 Ramp corporate card launch; Nov 2025 $32B valuation post-$300M Series F funding round led by Lightspeed Venture Partners; May 2026 talks to raise $750M at a pre-money valuation above $40B; Total equity raised $2.3B since 2019 launch** | 2017 Brex founding by Henrique Dubugras + Pedro Franceschi (both Brazilian fintech founders post-Pagar.me success); Mar 2026 Capital One $5.15B acquisition announced | 2017 Mercury founding by Immad Akhund + Max Tayenthal + Jason Zhang + Daragh Murphy; 2019 Mercury mobile app launch; Mar 2025 $300M Series C at $3.5B valuation led by Sequoia Capital; May 2026 $200M Series D at $5.2B valuation | 2016 Novo founding | 2016 Divvy founding; 2021 BILL $2.5B acquisition |

## Status

**Active, ~50,000+ customers + 2,200+ enterprise customers +133% YoY + $1B+ annualized revenue +54% YoY + $100B+ annual purchase volume + $32B valuation Nov 2025 + talks for $750M raise at $40B+ valuation May 2026** <sup>[1][1], [2][2], [3][3]</sup>:
- **Ramp Business Corporation (privately-held; $32B valuation Nov 2025; talks for $750M raise at $40B+ valuation May 2026)** since 2019 Ramp founding by Eric Glyman + Karim Atiyeh + Gene Lee post-Paribus success acquired by Capital One + 2020 Ramp corporate card launch + Nov 2025 $32B valuation post-$300M Series F funding round led by Lightspeed Venture Partners + May 2026 talks to raise $750M at a pre-money valuation above $40B.
- **Ramp ~50,000+ customers + 2,200+ enterprise customers +133% YoY + $1B+ annualized revenue +54% YoY + $100B+ annual purchase volume**.
- **Customers include CBRE + Shopify + Anduril + Figma + Notion + Cursor**.
- **FDIC + OCC regulated (via partner banks Celtic Bank + Sutton Bank + others)**.

## Sources

[1]: https://www.dakota.com/resources/blog/ramp-hits-32b-valuation-after-300m-raise-inside-the-biggest-spend-management-deal-of-2025 "Ramp Hits $32B Valuation After $300M Raise: Inside the Biggest Spend-Management Deal of 2025 — Dakota"
[2]: https://ramp.com/blog/ramp-november-2025-valuation "Ramp at $32 billion: Money talks. Now It thinks — Ramp"
[3]: https://www.citybiz.co/article/844393/spend-management-startup-ramp-eyes-750m-funding-at-over-40b-valuation/ "Spend-Management Startup Ramp Eyes $750M Funding at Over $40B Valuation — citybiz"
[us-cro]: https://docs.barcoder.ai/docs/payments/US

- [1] [Ramp Hits $32B Valuation After $300M Raise: Inside the Biggest Spend-Management Deal of 2025 — Dakota][1]
- [2] [Ramp at $32 billion: Money talks. Now It thinks — Ramp][2]
- [3] [Spend-Management Startup Ramp Eyes $750M Funding at Over $40B Valuation — citybiz][3]
- <sup>[United States report](https://docs.barcoder.ai/docs/payments/US)</sup> In-corpus: `reports/countries/US-united-states.md`

## Source

Biography extracted from [ramp.md](https://docs.barcoder.ai/source/wallets/ramp). See `matrix.md` for standards-support matrix if present.