Finance · Profile from Finance Research Companion
Ramp
A New York fintech founded in March 2019 by Eric Glyman, Karim Atiyeh and Gene Lee, whose previous company, the price-tracking app Paribus, had been bought by Capital One in 2016; launched in February 2020 with a corporate card pitched not on rewards but on helping companies spend less; layered bill pay, procurement, travel, treasury and AI agents on top of interchange; rode the boom to an ~$8.1bn valuation in March 2022, took a ~28% down round to ~$5.8bn in August 2023, then raised at ~$7.65bn, ~$13bn, ~$16bn, ~$22.5bn and ~$32bn between April 2024 and November 2025, passing ~$1bn of annualised revenue in mid-2025; raised $750m at ~$44bn in June 2026 and ~$1.85bn at ~$60bn in October 2026 with more than $2bn of annualised revenue; and drew scrutiny in 2025 over early meetings with federal officials about the government's SmartPay card programme. Its rival Brex, once worth more, was sold to Capital One for ~$5.15bn in 2026.
At a glance
- Founded
- March 2019, New York City; public launch February 2020 (Wikipedia)
- Founders
- Eric Glyman (CEO), Karim Atiyeh (CTO) and Gene Lee; Glyman and Atiyeh met at Harvard and co-founded Paribus, acquired by Capital One in 2016
- Headquarters
- New York City (Flatiron)
- Ownership / structure
- Venture-backed private company. Not a bank: cards issued by partner banks (reported Sutton Bank and Celtic Bank, verify); business account deposits via First Internet Bank of Indiana; investment account in a money-market fund through Apex (Ramp Treasury, January 2025)
- Leadership
- Eric Glyman (CEO); Karim Atiyeh (CTO); Gene Lee (co-founder)
- Segment and clients
- Corporate cards and finance-automation software (expense, bill pay, procurement, travel, accounting, treasury) for SMBs, mid-market and enterprises; >50,000 customers (November 2025), >70,000 (June 2026) (reported)
- Scale
- ~$100m annualised revenue by early 2022; ~$300m (2024); ~$1bn (August 2025); >$2bn (October 2026) (reported; Gunderson Dettmer); >$100bn annualised purchase volume (November 2025, company); ~1,200 staff (2025, verify)
- Valuation path
- $1.6bn (April 2021) → ~$3.9bn (August 2021) → $8.1bn (March 2022) → $5.8bn (August 2023) → $7.65bn (April 2024) → $13bn (March 2025) → $16bn (June 2025) → $22.5bn (July 2025) → $32bn (November 2025) → $44bn (June 2026) → ~$60bn (October 2026)
- Signature moves (incl. failures)
- The savings-first card (2019–20); bill pay and the finance platform (2021); the $8.1bn peak (2022); the 2023 down round; procurement and AI acquisitions (2023–24); Ramp Treasury (2025); the 2025 valuation surge; the GSA SmartPay controversy (2025); AI agents and the $44bn–$60bn rounds (2026)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2019
Savings First Corporate Card
Founding / launch
2021
Bill Pay and Finance Platform
Launch / product expansion
2022
8bn Valuation Peak
Funding round
2023
Down Round at 5 8bn
Funding round / failure (valuation cut)
2023
Procurement and AI Acquisitions
Acquisitions / product expansion
2025
GSA SmartPay Controversy
Government contracting / controversy
2025
Ramp Treasury
Launch
2025
Valuation Surge to 32bn
Funding rounds
2026
AI Agents and 60bn Round
AI launch / funding rounds