Ramp, a New York–based financial technology company founded in 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee, has reached $1 billion in annualized revenue. The announcement came only six months after the company reported $700 million in annualized revenue, showing a $300 million increase within half a year
Ramp’s growth has coincided with rising valuation figures. In late July 2025, the company secured a $22.5 billion valuation, up from $16 billion just weeks earlier. Ramp has now raised nearly $1.9 billion in equity financing and has expanded its customer base to over 40,000 businesses.
Co-founder and Chief Executive Eric Glyman said in an interview that the company is now handling between 1% and 2% of the U.S. corporate card market. “It is a meaningful start,” he said, “but the scale of the market leaves a large space for us to keep building.”
The company has also turned cash-flow positive this year. “We are not just scaling revenue but doing it with operating discipline,” Glyman said in a statement. “Positive operating cash flow shows that the business model is sustainable.”
On social media, Glyman acknowledged the revenue achievement in a post on X (formerly Twitter), noting
A Broader Approach to Stay Ahead of Rivals
Ramp competes directly with Brex, American Express, and SAP-owned Concur. Each offers expense management tools or corporate cards, but the focus differs. Brex has concentrated on rewards and startup-friendly features. American Express has relied on its long-standing brand and wide merchant network. Concur continues to serve as a large-scale expense reporting system for enterprises.
Industry analysts point to Ramp’s broader approach as one reason for its revenue rise. Unlike competitors who focus heavily on card perks, Ramp expanded its suite of services to include bill payments, invoice automation, and procurement workflows. According to Sacra, the firm’s payment volume rose from $22.3 billion in 2023 to an estimated $57 billion by mid-2025.
The contrast with Brex is particularly clear. While Brex reported a focus on global expansion and rewards optimization, Ramp emphasized efficiency tools aimed at finance teams. An account payable system that automates invoice approvals and compliance checks has attracted mid-market firms, while receipt-matching tools have become popular among larger clients.
“Competition has always been intense in corporate finance,” said Glyman in an interview. “What sets companies apart is not credit lines or travel rewards, but the ability to save finance teams time and reduce manual errors.”
Expansion Into Finance Operations
Ramp’s evolution from a corporate card provider to a broader financial operations platform has been rapid. The company began with corporate credit cards and expense tracking but quickly expanded into areas such as accounts payable, procurement, and spend analysis.
Glyman described the shift as a response to customer demand. “Finance teams wanted more than cards,” he said in an interview. “They wanted integrated tools that could handle receipts, invoices, and approval chains in one system.”
By early 2025, Ramp had launched finance automation tools that now account for a significant share of new revenue. These include digital agents that process receipts and flag policy issues automatically. Ramp states that the tools have reduced the average time for expense reconciliation by more than half for mid-sized clients.
The company’s progress is part of a wider recovery in the fintech sector. After a market slowdown in 2023, funding and revenue growth have returned for several firms. Ramp’s increase from $300 million in annualized revenue in mid-2023 to $1 billion in 2025 is one of the fastest growth stories in the sector.
Ramp’s expansion has also attracted larger clients beyond startups, a group that was once its core base. Enterprises in retail, logistics, and technology are adopting its platform to consolidate finance operations, including brands such as Eventbrite, Zola, Crumbl, MIXT. Larger contract wins have increased transaction volume and created longer-term revenue visibility.
Ramp’s trajectory remains closely watched by industry observers. With over 40,000 business clients, a valuation above $22 billion, and $1 billion in annualized revenue, the company has established itself as a major force in corporate finance management.
