Ramp

Ramp was founded in March 2019 in New York City by Eric Glyman, Karim Atiyeh, and Gene Lee, who publicly launched the product in February 2020. Glyman and Atiyeh, who met at Harvard, had previously co-founded Paribus, a price-tracking and refund-automation app acquired by Capital One in 2016; Gene Lee was their engineer at Paribus and became Ramp's third co-founder. Ramp set out to build a corporate card and spend-management platform that, unlike incumbents such as American Express, aligned its incentives with customer savings rather than transaction volume or rewards spend, offering unlimited virtual/physical cards, 1.5% cash back, and no fees, while using the card as a wedge into a broader finance-operations software suite. The company grew explosively through the pandemic-era corporate-card boom, becoming one of the fastest startups in NYC history to reach unicorn status (Series B, April 2021, $115M, $1.6B valuation) and continuing through a $300M Series C in August 2021 ($3.9B valuation) that funded its first acquisition (Buyer). A $750M financing in March 2022 pushed the valuation to $8.1B amid ~10x YoY revenue growth. The 2022-2023 fintech downturn led to a down-round Series D in August 2023 ($300M at $5.8B, a 28% valuation cut), even as Ramp kept acquiring AI capability (Cohere.io, July 2023) and procurement tooling (Venue, January 2024). Growth reaccelerated sharply through 2024-2026: a Series D-2 in April 2024 ($150M, $7.65B valuation) was followed by a $150M secondary share sale in March 2025 ($13B valuation), then a rapid-fire sequence of primary rounds — Series E ($200M, June 2025, $16B), a Series E extension ($500M, July 2025, $22.5B), a $300M primary round (November 2025, $32B) as annualized revenue crossed $1B, and finally a $750M Series F (June 2026, $44B valuation, led by ICONIQ, GIC, and Ontario Teachers' Pension Plan with new backers including Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, and Insight Partners). Total equity raised across all rounds exceeds $3 billion. Ramp has continued acquiring companies to extend its platform, including Billhop (March 2026, European/UK bill-pay expansion) and Juno (March 2026, guest/corporate travel). As of mid-2026 Ramp reports 70,000+ customers, over $1B in annualized revenue with positive free cash flow, more than $200B in annualized purchase volume, and roughly 3,200 employees. In July 2026, co-founder and CTO Karim Atiyeh was elevated to co-CEO alongside Eric Glyman, with AI-support engineer-turned-executive Rahul Sengottuvelu (who joined via the Cohere acquisition) promoted to CTO. Ramp competes primarily with Brex, Bill.com/Divvy, Airbase (acquired by Paylocity in 2024), Navan, Mercury, Expensify, SAP Concur, and American Express's corporate card business.

Business model

B2B fintech SaaS + payments; free core card/expense platform monetized primarily via card interchange, plus a paid 'Ramp Plus' tier and enterprise contracts, treasury/yield products, and cross-border payment fees.

Interchange fees on card spend (primary revenue driver, ~50bps net per transaction), per-user SaaS subscription fees (Ramp Plus at $15/user/month), fees on international/bill payments, and treasury/money-market product participation.