Startup Originals Team
New York-headquartered fintech firm Ramp Business Corporation, founded in March 2019 by Eric Glyman, Karim Atiyeh and Gene Lee, has emerged as one of the fastest-scaling companies in the U.S. financial technology space. From offering corporate charge cards and expense-management tools to launching automated budgeting and AI-powered policy agents, Ramp’s growth has been explosive and transformative.
Founding Roots and Mission:
Glyman and Atiyeh, former Harvard classmates and co-founders of Paribus (acquired by Capital One in 2016), launched Ramp in March 2019, aiming to overhaul how businesses manage spending and expenses. The founders consulted nearly 100 finance professionals and found widespread frustration with legacy methods of receipts, manual logging and expense reconciliation. That insight shaped Ramp’s core mission: eliminate inefficiencies through automation and smart technology.
The company officially went live in February 2020, offering corporate cards combined with an integrated software platform, and quickly began scaling.
Early Growth and Expansion:
By early 2022, Ramp had already reached about US$100 million in annualised revenue, a remarkable achievement within two years of launch. The business accelerated its move beyond cards, adding features such as bill-payment automation, travel and procurement integrations, and the groundwork for AI-driven expense policy enforcement.
In April 2024, Ramp raised US$150 million in a Series D-2 round led by Khosla Ventures and Founders Fund, valuing the company at approximately US$7.65 billion.
Stunning 2025 Valuation and Revenue Milestones:
2025 proved to be a breakout year for Ramp in both valuation and business metrics. In March 2025, Ramp was valued at around US$13 billion, and by June it rose to approximately US$16 billion after a fresh funding round.
In July, Ramp completed a Series E-2 round led by Iconiq and other major backers, raising about US$500 million at a valuation of US$22.5 billion.
Shortly thereafter, Ramp announced reaching US$1 billion in annualised revenue as of August 2025.
Tech Edge: AI Agents, Automation & Beyond:
Ramp has positioned itself as more than a corporate-card company: the firm is aggressively building autonomous finance agents that apply company expense policies, review and approve transactions, flag fraud and speed financial workflows. As one internal blog noted, finance teams using Ramp’s agents are seeing significantly less manual work and improved efficiency.
This strategic focus on AI-enabled automation has driven investor confidence, positioning Ramp more like an “AI lab for finance” rather than a traditional fintech challenger.
Why Ramp’s Rise Matters:
- Ramp’s rapid growth underscores how finance teams are shifting from manual spreadsheets and paper receipts to real-time, software-driven workflows.
- The company’s valuation surge amid broader fintech volatility signals investor optimism about the future of embedded finance, automation and enterprise SaaS tools.
- With more than tens of thousands of business customers, Ramp is scaling at a pace few peer companies have matched.
Challenges Ahead and What to Watch:
- While annualised revenue is strong, maintaining high growth velocity while managing unit economics and customer acquisition costs will be critical.
- Building and scaling AI-driven autonomous finance tools brings risks: accuracy, regulatory compliance, data security and customer trust will matter.
- The fintech landscape is competitive, with players like Brex, Airbase and traditional card issuers also targeting corporate spend, differentiation and execution will count.
- A potential IPO or public listing will raise scrutiny over profitability, unit margins and scalability in global markets.
Final Word:
Ramp Business Corporation’s trajectory from a 2019 startup to a US$22.5 billion-valued fintech in 2025, with US$1 billion in annualised revenue, is a testament to the power of combining finance, software and automation. As the company continues to build its AI-powered platform and expand into new service areas, its success will hinge not just on scale but on delivering sustainable value to finance teams worldwide.
