Ramp bets on self-driving finance tools for US firms

Ramp has built a fast-growing US corporate card and finance automation business, combining Visa cards with software that tracks spending, routes approvals and syncs transactions to accounting systems.

The New York-based fintech was founded in 2019 by Eric Glyman, Karim Atiyeh and Gene Lee. Two of the founders previously co-founded the consumer refunds app Paribus, which Capital One acquired. Ramp launched publicly in early 2020 after onboarding its first corporate customers the previous summer.

Ramp positioned its product as an alternative to traditional business spending tools, pairing a corporate card with automated expense coding and receipt capture. It also added controls that let managers set rules for where and how employees can spend.

Ramp reports tens of thousands of US customers and an annual recurring revenue of around USD $1 billion by 2025.

Card platform

At the centre of Ramp's product is a set of Visa-issued corporate credit cards, available in physical and virtual formats. The cards carry no personal liability for employees, and Ramp does not require personal guarantees.

Administrators can create virtual cards for teams, vendors or projects, and apply controls by merchant or category. Businesses can also block certain types of spending, such as alcohol or hotels.

Transactions appear in the platform immediately. Employees submit receipts by photo, SMS, or by forwarding emails from merchants and travel providers. The system matches receipts to transactions and codes spending by category.

The platform includes dashboards for budgets and policy compliance. It flags exceptions at the time of purchase and can block charges outside set limits or approved vendors, shifting checks to the point of sale rather than relying on later manual review.

Accounts payable

Ramp has expanded into accounts payable and vendor management. Companies can upload bills for data entry and approval routing, then pay vendors by card or bank transfer in the same system.

Travel booking and reimbursements are also built in. In 2025, Ramp added a policy agent that applies spending rules to each transaction, flags exceptions and can stop purchases that violate company policy.

Ramp has also moved into treasury services, saying the product lets firms sweep idle cash into higher-interest deposits. It has experimented with stablecoin-backed cards for international payouts through a partnership with Stripe.

Accounting links

A key part of the product is integration with accounting software used by finance teams and external accountants. Ramp supports synchronisation with QuickBooks, Xero, NetSuite, Sage Intacct and other general ledger systems, pushing transaction data, categories and approvals into the ledger to reduce manual entry.

Receipts and invoices are stored with transactions and time-stamped to create an audit trail. The platform also includes an adviser console for accountants managing multiple client organisations who want standardised expense policies and workflows.

Ramp positions this automation as a way to reduce time spent collecting missing receipts and reconciling transactions at month-end. Notifications and reminders also prompt employees to add documentation or explanations for unusual charges.

Funding and scale

Ramp raised about USD $8 million in seed funding soon after founding, followed by a USD $15.5 million Series A in early 2020. It then raised a USD $115 million Series B in April 2021, led by D1 Capital and Stripe, valuing the company at around USD $1.6 billion.

By late 2024, the platform served about 25,000 businesses, according to Ramp. It later raised additional capital that pushed its private valuation into the tens of billions of dollars. A USD $300 million raise and employee tender in November 2025 valued the company at about USD $32 billion, it said.

Ramp has also secured debt financing from banks, including Goldman Sachs and Citi, supporting the lending economics behind its cash-back card business.

Competitive field

The market for corporate cards and expense software has become crowded. Ramp competes with Brex, Airbase, Divvy and Expensify, as well as established issuers such as American Express and corporate banking divisions. Many rivals offer integrated expense tools, reimbursement features and accounting connections.

Ramp has differentiated itself by building a broader suite that combines card spend with bill pay, travel and treasury features. It also leans on machine learning and automation, including policy checks that run at the time of purchase.

Cash-back is part of the offer, with Ramp saying customers can earn between 1.5% and 5% back in some categories. It also argues that tighter controls reduce waste, claiming the average customer cuts waste by roughly 5% while still growing revenue.

Next steps

Ramp remains privately held and has signalled further investment in automation and artificial intelligence. The founders have described an ambition for software that makes money management "largely self-driving". The company has also indicated it may expand internationally, while continuing to target US small and midsize firms that still rely on manual expense processes.