- Ramp has raised $750 million in a Series F led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan at a $44 billion valuation — nearly tripling its $16 billion valuation from just 12 months ago.
- The company’s annualised revenue run rate has surpassed $1.5 billion, up from $1 billion in September 2025, with over 70,000 customers and $200 billion in annual purchase volume.
- Total purchase volume grew 170% year-over-year in March 2026 — Ramp’s highest growth rate in three years — despite the business being roughly 20 times larger than when it last grew this fast.
Eric Glyman and Karim Atiyeh met in a computer science class at Harvard. They went on to build Paribus — a price-tracking app acquired by Capital One in 2016 — then left to found Ramp in 2019 with their longtime friend and Paribus engineer Gene Lee. The idea was simple: what if your corporate card actively helped you spend less? Seven years later, that idea is worth $44 billion.
New York-based Ramp has raised $750 million in a Series F led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan. New investors joining include Goldman Sachs Alternatives, D.E. Shaw & Co., Morgan Stanley Investment Management, Generation Investment Management, Insight Partners, and BroadLight Capital. GIC is investing for the eighth time in the business. Returning investors include Founders Fund, Lightspeed, D1 Capital Partners, T. Rowe Price, General Catalyst, 137 Ventures, Thrive Capital, Coatue, Khosla Ventures, and others. Total equity financing now exceeds $3 billion.
The founders
Ramp was founded in March 2019 by Eric Glyman (CEO), Karim Atiyeh (CTO), and Gene Lee. Glyman studied economics and East Asian studies at Harvard — including a year at Peking University — before working as a financial analyst in New York. Atiyeh studied electrical and computer engineering at Harvard; Lee joined them from Paribus where he had been one of the first software engineers. All three stayed at Capital One following the Paribus acquisition before leaving together to start Ramp.
Ramp is headquartered in New York with additional offices in Miami and San Francisco. The company employs approximately 1,700 people and has signalled intent to pursue an eventual IPO — though Glyman declined to provide a timeline when asked by Bloomberg this morning.
What Ramp does — and what it’s becoming
Ramp started as a corporate card with a flat 1.5% cashback and no annual fees — a deliberately simple model designed to win against legacy expense systems that trapped finance teams in manual receipt-chasing and reconciliation. It has since expanded into bill payments, procurement, travel, treasury management, accounting automation, and now AI agents that autonomously close books, execute payments, and monitor spend in real time.
The company’s most striking new angle is AI token spend management — a product that gives companies visibility and control over what they are spending on AI APIs, a cost category that Glyman describes as “invisible to every system we’ve built to manage cost.” Ramp says its internal AI factory, Inspect, now writes more than two-thirds of Ramp’s own code — and that 99.5% of Ramp’s employees use AI daily through its internal Glass workspace tool. The company also acquired Billhop (UK/EU payments) and Juno (guest travel) in recent months, and will begin serving UK and European-headquartered companies this summer.
Traction
Ramp serves more than 70,000 customers — up from 50,000 in November 2025 — including Visa, Uber, Shopify, Anduril, Figma, Notion, and Cursor. Its annualised revenue run rate has surpassed $1.5 billion according to Bloomberg, ahead of the $1 billion figure the company officially acknowledges crossing last September. The median Ramp customer saves 5% on expenses and grows revenue 16% in their first year on the platform, according to the company. Total purchase volume grew 170% year-over-year in March 2026 — the company’s highest growth rate in three years on a base roughly 20 times larger than three years ago.
“For 500 years, business ran on two pillars of spend: people and vendors. In the last 24 months, a third arrived — intelligence, paid by the token and invisible to every system we’ve built to manage cost. Ramp is the infrastructure for the third pillar.” — Eric Glyman, co-founder and CEO, Ramp
“We’re growing as fast as we were three years ago, at roughly twenty times the size. Finance is going through the biggest structural change since the spreadsheet. Every company needs infrastructure to navigate an AI economy.” — Eric Glyman
“Ramp has consistently outperformed our expectations, resulting in GIC investing eight times in the business to date. Since our initial investment, the company has continued to accelerate revenue growth, while scaling volume exponentially.” — Vinay Yarlagadda, Managing Director, GIC
The competitive landscape
Ramp’s most direct competitor, Brex, is in the process of being acquired by Capital One for approximately $5.15 billion — a deal announced in January 2026 and expected to close mid-year. The acquisition means Brex — once valued at $12 billion at its peak — is now exiting to a traditional bank at a significant discount, and introduces uncertainty about its product direction as it aligns with a large financial institution’s priorities. SAP Concur remains the dominant enterprise incumbent but requires months-long implementations and carries pricing opacity that makes it unattractive for growth-stage companies. Navan, which raised $200M at a $9.2 billion valuation, focuses primarily on travel and expense rather than the full financial operations stack Ramp is building. The Brex acquisition effectively hands Ramp its clearest competitive path yet.
Market context
According to Grand View Research, the global expense management software market was valued at $7.6 billion in 2024 and is projected to reach $22.5 billion by 2030, growing at a CAGR of 19.8%. That figure understates Ramp’s total addressable market, which now spans corporate cards, procurement, treasury, accounting automation, and AI token management — a combined surface area closer to the broader $200+ billion business spend management category.
The question Ramp’s $44 billion valuation forces investors to answer is not whether it can keep growing. At 170% TPV growth on a 20x larger base, the trajectory is clear. The harder question is whether Ramp can make the transition from the fastest-growing fintech in America to a durable public company — and whether the finance infrastructure it is building around AI token management will prove to be the third great pillar of business spending, or the pitch that justified the valuation before the market had a chance to decide.
