“Money talks. Now it thinks.”

Ramp is a corporate spend management platform that helps businesses automate expense management, control corporate card spending, and streamline financial operations. Operating in the competitive B2B fintech and spend management software market, Ramp differentiates itself by combining corporate cards with integrated expense tracking, accounts payable automation, procurement management, and AI-powered spend controls. The platform serves finance teams looking to replace disconnected tools with a unified spend management system that delivers automated expense reporting, policy enforcement, and real-time financial insights. Ramp's positioning emphasizes measurable cost savings and operational efficiency for businesses managing expenses across cards, bills, vendors, and travel.

‍

Business Model

Ramp operates a dual-revenue model combining payment processing economics with software-as-a-service subscriptions. The company earns interchange revenue when businesses use Ramp corporate cards for purchases, generating income from transaction volume without charging annual fees. Beyond card interchange, Ramp monetizes through subscription fees for its spend management software, including accounts payable automation, procurement tools, vendor payments, travel and expense management, and automated reconciliation features. As customers adopt multiple products within the platform, the revenue mix shifts toward higher-margin recurring software revenue, creating a more diversified business model beyond card-based interchange fees.

‍

Scale and Growth

• Ramp valuation and revenue: $32 billion private company valuation, $1 billion in annualized revenue, positive free cash flow in 2025
• Spend management transaction volume: Processes over $100 billion in annual corporate card and payment volume
• Corporate customer base: 50,000+ businesses from startups to Fortune 500 enterprises using Ramp's spend management platform, 100% year-over-year growth in revenue and customers
• Enterprise spend management adoption: 2,200+ enterprise accounts generating $100,000+ in annual recurring revenue from Ramp's financial operations software
• Growth drivers: Multi-product adoption beyond corporate cards including accounts payable automation, procurement software, and travel and expense management; AI-powered spend automation; businesses consolidating legacy expense management systems onto unified platforms

‍

Competitive Edge

<row>

<col>

The corporate spend management software market is divided between comprehensive financial operations platforms and specialized point solutions:

• Comprehensive platforms: Ramp and Brex lead with integrated corporate cards, expense management, accounts payable automation, bill pay, and procurement software
• Specialized solutions: Bill.com focuses on accounts payable and bill payment automation with deep AP functionality
• Mid-market competitors: Airbase, Spendesk, and Divvy offer corporate card and expense management features balancing breadth with specialization
• Market trend: Businesses increasingly adopt unified spend management platforms over disconnected tools, driving demand for integrated corporate card, AP automation, and procurement software

‍

</col>

<col>

‍

‍

</col>

</row>

<row>

<col>

Targeted Impact

Ramp drives efficiency, cost savings, and smarter decisions by automating financial processes for businesses of all sizes

</col>

<col>

</col>

<col>

What Comes Next?

Ramp is launching stablecoin-backed corporate cards for cross-border payments, starting in Latin America and expanding globally.

</col>

</row>

<row>

<col>

</col>

<col>

Who will benefit?

Startups, small and midsize businesses, and finance teams benefit from Ramp's automated spend management and flexible corporate cards.

</col>

<col>

</col>

</row>

‍

Ramp's Timeline

‍

Bull and Bear Case

‍

‍

Prominent News

Ramp Hits $32 Billion Valuation in Latest Funding Round, November 17, 2025 - Ramp hit a $32 billion valuation in its latest funding round after raising $300 million led by Lightspeed Venture Partners, underscoring investor enthusiasm for expense‐management fintech. Click here to read more

Fintech Ramp Launches Fraud Fighting, Bill Payment AI Agents, October 7, 2025 - Fintech Ramp has launched AI agents designed to fight fraud in its bill-payment workflows, underscoring its push into advanced automation and risk-management tools. Click here to read more.

Fintech Decacorn Ramp Acquires Jolt AI to Help Its Engineers ‘Build Faster’, October 6, 2025 - Ramp has acquired the three-person team behind Jolt AI in a strategic move to boost engineer productivity and fast-track its AI dev-tooling.  Click here to read more.

‍

Revenue

The graph below displays the revenue and revenue growth of Ramp from 2020 to 2025

• As of October 2025, revenue is up 54.25% from $648 million in 2024

‍

‍

Return on Investment (ROI)

The graph below displays Ramp's ROI over the past 180, 90, and 30 days, computed as of November 17, 2025.

• 180D: ↑ +48.41% since May 22, 2025‍
• 90D: ↑ +20.81% since August 20, 2025‍
• 30D: ↑ +8.23% since October 19, 2025

‍

‍

Funding Round in USD

• Primary Funding Round: Ramp raised $300 million in Series E-3 on November 17, 2025, at a $32B valuation and a share price of $90.00
• Investors:  Series E-3 was led by Lightspeed Venture Partners and also saw participation from Founders Fund, D1 Capital Partners, Coatue, GIC, Avenir Growth, Thrive Capital, Sutter Hill Ventures, T. Rowe Price, Khosla Ventures, ICONIQ, Glade Brook Capital Partners, Soma Capital, Emerson Collective, 8VC, Lux Capital, Definition Capital, 137 Ventures, General Catalyst, Box Group, Kultura Capital, Pinegrove Venture Partners, Anti Fund, Stripes, Alpha Wave Global, Bessemer Venture Partners, Robinhood Ventures, 1789 Capital, Epicenter Capital, and Coral Capital.‍
• Current Implied Valuation: $21.90 billion on November 17, 2025, according to PM Insights‍

‍

<row>

<card>

Primary Round Valuation

<span class="date">2025-11-17</span>
<span class="value">$32B</span>

</card>

<card>

Difference between Primary Round Valuation and Implied Valuation

<span class="date">2025-11-17</span>
<span class="value">+46.12%<span>

</card>

<card>

Change In between Last Two Round

<span class="date">2025-07-25 → 2025-11-17</span>
<span class="value green">+42.22%<span>

</card>

</row>

‍

‍

Quarterly Bid:Ask Volume Ratio

PM Insights highlights the quarterly bid:ask volume ratio of Ramp where there were at least three institutionally-sized broker contributions within that period. The stacked bar chart below shows the total quarterly bid and ask volumes alongside their relative ratios.

• Highest volume: $135.60 million in Q2 2025‍
• Lowest volume: $16 million in‍ Q2 2022‍
• Largest bid-side activity: 100% of $45 million in Q3 2025
• Largest ask-side activity: 98% of $76.06 million in Q1 2024

‍

‍

Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on each respective date. The graph below illustrates the trend in volatility of composite price for Ramp for a one year period from November 18, 2025 until November 17, 2025.

• Volatility began at 27.39% in early November 2024, increased slightly, and then declined sharply to 14.33% in early January 2025
• Toward the end of January, it rose quickly to a peak of 37.36%, where it stayed at elevated levels until late April before dropping to 12.62%
• It then increased to 20.66% in early June and moved lower over the following weeks, reaching a low of 6.77% in early September
• Shortly afterward, volatility rose sharply to 35.66% and ended the period at 35.55%

‍