Ramp Business Corporation is a Manhattan-based multinational financial technology company that offers corporate charge cards, expense management, and bill-payment software.[2] The company is headquartered in the Flatiron District of New York City with additional offices in Miami and San Francisco.[3]
 | |
| Company type | Private |
|---|---|
| Industry | Fintech |
| Founded | March 2019 |
| Founders | Eric Glyman (CEO) Karim Atiyeh (CTO) Gene Lee |
| Headquarters | 28 West 23rd Street New York, New York 10010 U.S. |
| Products | Corporate expense management platform, corporate credit cards |
Number of employees | 1,100+[1] |
| Website | ramp.com |
As of March 2025, Ramp was valued at $13 billion and processing $55 billion in payments annually.[4] Investors in the company include Thrive Capital, Goldman Sachs, Peter Thiel of Founders Fund, Keith Rabois of Khosla Ventures, Redpoint Ventures, 137 Ventures, BoxGroup, D1 Capital Partners, Contrary, and 8VC, a firm run by Musk allies, among others.[5][6][7][8][9]
History
edit
Ramp was founded in March 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee. Glyman and Atiyeh met as classmates at Harvard University and had previously founded price tracking app Paribus, which was acquired by Capital One in 2016.[10]
Glyman and Atiyeh talked with approximately 100 finance experts before launching Ramp's corporate card, finding that potential clients were unhappy with the inefficiency of existing methods for collecting receipts and logging expenses.[11]
The company was formally launched in February 2020,[12] and reached $100 million in annualized revenue by early 2022.[2]
As of 2024, Ramp had reached $300 million in annualized revenue[13] with more than 25,000 businesses on its platform.[14] That June, it secured $150 million in a Series D-2 funding round, maintaining its valuation at $7.65 billion. This round was co-led by Khosla Ventures and Founders Fund, among other investors.[15]
In March 2025, Ramp's valuation surged to $13 billion, almost doubled from one year ago.[16]
Government relations
editIn January 2025, Ramp published a blog post titled "The Efficiency Formula" discussing potential applications of its technology to government spending.[17] In March 2025, the General Services Administration announced a pilot program related to the government's SmartPay expense card program, for which Ramp confirmed it was being considered.[18][17] According to reporting by ProPublica, Josh Gruenbaum, the commissioner of the Federal Acquisition Service, helped organize private meetings with the Ramp executives.[9] Scott Amey, the general counsel with the bipartisan watchdog Project on Government Oversight, commented on the situation by saying, “This goes against all the normal contracting safeguards that are set up to prevent contracts from being awarded based on who you know."[9]
References
edit- ^ "About Us - Different By Design". Ramp. Retrieved 2024-12-12.
- ^ a b "CNBC Disruptor 50 — 29. Ramp". CNBC. 9 May 2023. Retrieved 11 October 2023.
- ^ Nehring, Abigail (27 September 2023). "Fintech Startup Ramp Doubles Footprint With Move to 28-40 West 23rd Street". Commercial Observer. Retrieved 11 October 2023.
- ^ Hammond, George (2025-03-03). "Peter Thiel-backed fintech Ramp nearly doubles valuation to $13bn". Financial Times. Retrieved 2025-03-03.
- ^ Biswas, Pritam (22 August 2023). "Fintech firm Ramp raises $300 mln at lowered valuation of $5.8 bln". Reuters. Retrieved 11 October 2023.
- ^ "Ramp announces Series D-2 capital raise". Ramp. Retrieved 2024-04-29.
- ^ Azevedo, Mary Ann (2024-04-17). "Ramp raises another $150M co-led by Khosla and Founders Fund at a $7.65B valuation". TechCrunch. Retrieved 2024-05-12.
- ^ "Sell or Invest in Ramp Stock Pre-IPO". Nasdaq Private Market. Retrieved 2024-07-30.
- ^ a b c "Trump Team Eyes Politically Connected Startup to Overhaul $700 Billion Government Payments Program". ProPublica. April 17, 2025.
{{cite news}}: CS1 maint: url-status (link) - ^ Li, Steven. "They Built Ramp Into An $8 Billion Company In Under 3 Years: The Inside Story Of How They Did It". Forbes. Retrieved 2023-12-29.
- ^ "How Ramp's Eric Glyman went from "a sheet of paper" to a 13,000+ customer fintech business in less than four years (Cornell Tech @ Bloomberg) | Bloomberg". Bloomberg L.P. 2023-05-30. Retrieved 2023-12-29.
- ^ Son, Hugh (24 August 2021). "Corporate card start-up Ramp more than doubles valuation in five months to $3.9 billion". CNBC. Retrieved 11 October 2023.
- ^ Harris, Ainsley (19 March 2024). "This company uses generative AI to generate savings for businesses". Fast Company. Retrieved 23 March 2024.
- ^ "5 Years of Helping Business Save". Ramp. Retrieved 2024-03-23.
- ^ Azevedo, Mary Ann (2024-04-17). "Ramp raises another $150M co-led by Khosla and Founders Fund at a $7.65B valuation". TechCrunch. Retrieved 2024-07-30.
- ^ Hammond, George (3 March 2025). "Peter Thiel-backed fintech Ramp nearly doubles valuation to $13bn". Financial Times. Retrieved 3 March 2025.
- ^ a b "Ramp published a pitch for how to tackle wasteful government spending". Retrieved 2025-04-19.
- ^ "Expense management startup Ramp is being considered for a charge card pilot program by the U.S. General Services Administration". Retrieved 2025-04-19.