Ramp Knows Something About AI That Other Fintechs Don’t

“Let the robots chase receipts and close your books, so you can use your brain and build things.” Ramp co-founder and CEO Eric Glyman isn’t interested in replacing CFOs with artificial intelligence but he has no patience for wasted human time. For Glyman, automating the repetitive, compliance-heavy tasks that dominate corporate finance, expense reports, bill pay, procurement, bookkeeping isn’t a product strategy. It’s the foundation of what he calls “quiet efficiency.” That idea now has a $16 billion price tag. This week, Ramp announced a $200 million funding round led by Peter Thiel’s Founders Fund, raising its valuation by $3 billion just months after its last round in March. The deal is the fifth time Founders Fund has led an investment in the New York-based fintech, which has now raised close to $2 billion since its launch in 2019. Other participants in the round included Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital. Ramp, which ranked No. 6 on CNBC’s 2025 Disruptor 50 list, has grown rapidly by embedding itself deep within the financial stacks of 40,000 businesses. Its platform spans corporate cards, spend management, procurement, vendor payments, travel booking, and accounting automation—covering $80 billion in annual transaction volume from clients such as Shopify, CBRE, Notion, and Anduril. The firm’s expansion into enterprise has been particularly aggressive. “Our enterprise segment is more than doubling each year,” Glyman said in an interview this week. “Those are logos like CBRE and Shopify, companies with thousands, even hundreds of thousands of employees. We can give them time back.” In January, Ramp launched Ramp Treasury, a product that allows companies to earn 2.5% on idle operating cash. It also acquired AI-native procurement startup Venue, using the acquisition to enhance vendor payment tools. Last year, it unveiled Ramp Travel in partnership with Priceline, entering the competitive corporate travel management space dominated by players like Navan. The through line across all these product launches is automation specifically, the strategic deployment of AI to eliminate manual work. “We shipped 207 features last year,” Glyman said. “And it’s already over 270 in just the first five months of 2025.” That acceleration is a function of both ambition and investment. “We spend over 50% of our payroll on research and development,” he added. “It’s part of why customers feel that every single year they use Ramp, it’s getting better and better.” Ramp’s long-term goal is to deepen its penetration into the U.S. corporate card market, where it claims just 1.5% market share. “We want to be four percent, we want to be eight,” Glyman said. “And so we’re investing behind that.” That investment includes talent, especially technical talent. Glyman pointed out that Ramp looks for early signs of excellence, including International Olympiad medalists and elite video game players. “We actually have 13 more medalists than most nation-states have produced,” he said. “When you find folks who are extraordinary in some way, that’s where you start to see breakthroughs.” Ramp’s headquarters in New York City has also proven to be a recruiting advantage. “New York has incredible talent density,” he said. “It’s long been the capital of finance, and for us, I think it’s given us a real advantage.” But growth hasn’t come without controversy. In April, Ramp was the subject of a ProPublica investigation that reported the company had used political connections to lobby for a federal government contract to modernize the SmartPay charge card system used by employees across 550 agencies. The existing contracts held by Citibank and the U.S. Bank are valued at up to $700 billion through 2031. Ramp confirmed it met with Trump-era GSA officials multiple times regarding the opportunity. A spokesperson said this week that “the RFI process is still ongoing and we’re one of many vendors being considered.” Despite the political scrutiny, Ramp’s trajectory shows few signs of slowing. Its 2025 product pipeline is accelerating, customer growth is surging, and adoption among large enterprises is becoming a core revenue driver. Glyman believes Ramp’s product-led growth model is still its strongest asset. “Over 35% of our customers come from word of mouth,” he said. “That starts with building an extraordinary product.” He also acknowledged that not all growth comes from technical execution. The company aired its first Super Bowl ad earlier this year, a milestone that Glyman described as both fun and strategic. “Sometimes raising money isn’t just about the capital,” he added. “It’s about giving people a fresh look at what’s happening inside the business.” Ramp still sees itself as a software company focused on helping businesses run better, not flashier. Glyman closed his funding announcement with a tribute to th

Ramp Knows Something About AI That Other Fintechs Don’t

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