How Ramp Secured $13bn Valuation Amid Fintech Consolidation
Ramp, the financial operations platform that provides corporate cards and expense management software, has secured a new valuation of US$13bn after investors purchased US$150m in secondary shares from employees and early backers.
The New York-based fintech, which aims to automate corporate finance functions, announced that existing and new investors including Stripes, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures and Definition Capital participated in the secondary transaction.
The company reports it now processes more than US$55bn in annualised payment volume across card transactions and bill payments, representing a substantial increase from US$10bn in January 2023.
Product expansion drives adoption
Since launching with a corporate card product in 2019, Ramp has expanded to include expense management, bill payments, procurement, travel booking and treasury management functionalities. Three of these product lines were introduced within the past year.
The company states that nearly half of its customers now use more than one Ramp product, suggesting a market shift toward consolidated financial operations platforms rather than separate point solutions.
Eric Glyman, Co-founder and Chief Executive Officer of Ramp, says: “We're obsessed with one goal: giving businesses back their time and money.
“Every product we build, every feature we launch, is focused on eliminating financial waste and busywork so companies can run more profitably.”
The firm has achieved 30 per cent adoption of its premium software tier, Ramp Plus, among new customer groups.
It now serves 30,000 US businesses, including recent additions such as CBRE, Crumbl, Notion, OLIPOP, Vanta and ZipRecruiter.
Ken Fox, Founder and Managing Partner at Stripes, an investment firm focused on software and consumer products, says: “Ramp's ability to execute across multiple product lines while maintaining growth and efficiency at scale puts them in an elite class of software businesses.”
AI integration drives financial automation
Ramp is integrating artificial intelligence capabilities throughout its platform to automate financial operations tasks that traditionally require manual intervention.
The company frames this development as a shift from "managed financial software" to "autonomous financial operations", drawing a parallel to the evolution from driver-assistance to self-driving cars.
Kaustubh Khandelwal, Vice President of Finance at Poshmark, an online marketplace for new and secondhand clothing, says: “With Ramp, we were able to unlock a lot of our team's capacity around expense management and redeploy it towards other opportunities.
"As a result, we exceeded our free cash flow goals, achieving it within seven months instead of twelve.”
Several other firms report time savings from Ramp's automation features. Barry's, a fitness company, claims to have reclaimed 400 hours per month through expense report automations.
Rustic Canyon, a restaurant group with eight locations, reports saving five working days each month through streamlined accounting workflows.
Notably, the company is achieving growth while maintaining fiscal discipline. Ramp reports burning less than US$2m per month on average in 2024.
The platform has now automated over 100 million business workflows including approvals and accounting tasks, according to company figures. Ramp claims its services have saved customers US$2bn and 20 million hours to date.
For mid-market finance teams, which typically use 15-20 different tools for daily operations, Ramp positions itself as a consolidator that can reduce complexity while improving efficiency.
Kareem Zaki, Partner at Thrive Capital, a venture capital investment firm, says: “We're at the start of an unprecedented wave of technological breakthroughs.
“The companies that will matter most are those turning these advances into tangible value and economic gains. Ramp has been quietly doing this since day one – taking processes that used to take hours and reducing them to seconds.”
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