- Ramp is in early talks to raise about $1 billion at a $60 billion valuation, Bloomberg reports.
- That would be a 36% jump from the $44 billion Series F it closed in June.
- Its annualised revenue hit $1.5 billion by June, on more than $3 billion raised to date.
Three months ago, Ramp closed a funding round that valued it at $44 billion. It is already back at the table. The corporate spend management company is in early talks to raise roughly $1 billion in fresh primary funding at a valuation near $60 billion, according to a Bloomberg report citing people familiar with the discussions.
If it closes near that price, Ramp’s valuation will have grown 36% in about twelve weeks. Zoom out further, and the climb gets steeper: $8.1 billion in 2022, down to $5.8 billion in a 2023 reset round, then back up through $13 billion, $22.5 billion and $32 billion across 2025, to $44 billion in June and potentially $60 billion now.
Two Harvard classmates and one very expensive corporate card
Eric Glyman and Karim Atiyeh met in a computer science class at Harvard, where Glyman studied economics and East Asian studies, and Atiyeh studied electrical and computer engineering.
The pair built Paribus, a price-tracking app, and sold it to Capital One in 2016. Three years later, alongside fellow Paribus engineer Gene Lee, they left to start Ramp on a simple premise: a corporate card that actively helps a business spend less.
That premise started as a card with a flat cashback rate and no annual fee. It has since grown into a suite covering bill payments, procurement, travel, treasury and AI agents that close books and monitor spend on their own.
In June, Glyman and Atiyeh restructured Ramp’s leadership around that shift: Atiyeh moved from chief technology officer to co-CEO alongside Glyman, and Rahul Sengottuvelu, previously Ramp’s head of applied AI, took over as CTO.
The numbers behind the number
Ramp’s annualised revenue crossed $1.5 billion by early June, up from $1 billion the previous September. Its total payment volume grew 170% year over year in March 2026, the company’s fastest growth rate in three years, on a base roughly twenty times larger than when it last grew that fast.
The company has now raised more than $3 billion in equity since 2019 and serves over 70,000 customers, including Visa, Uber, Shopify, Anduril, Figma and Notion.
Its closest rival tells the opposite story. Brex, the corporate card startup Ramp has spent seven years chasing and being chased by, agreed in January to sell itself to Capital One for approximately $5.15 billion, less than half the $12.3 billion peak valuation Brex reached in 2022.
Where Ramp is asking investors to price it 36% above three months ago, Brex ended up inside a traditional bank at a steep discount to its own history. SAP Concur remains the slower-moving enterprise incumbent, and Navan, which raised $200 million at a $9.2 billion valuation, has stayed focused on travel and expense rather than the full financial-operations stack Ramp is building.
That leaves Ramp with arguably its clearest run yet at the category it created — one it also covered as a $22.5 billion company in July 2025 and a $13 billion one just months before that.
The global expense management software market was worth $7.6 billion in 2024 and is projected to reach $22.5 billion by 2030, according to Grand View Research.
The pattern is hard to miss: three valuation jumps inside a year, a leadership structure rebuilt around AI, and a chief rival that just got absorbed into a bank rather than raise again. The question investors are really being asked is whether a corporate card company scaling like an AI lab deserves to be priced like one.
