Six-year-old fintech startup Ramp continues its meteoric rise, surpassing $700 million in annualized revenue as of January 2025, according to a source familiar with the company’s internal operations. The milestone marks a stunning trajectory for the New York-based expense management platform, which had passed $100 million in annualized revenue by March 2022, hit $300 million by August 2023, and has now more than doubled that figure in under 18 months.
While Ramp has not officially disclosed its financials, CEO and co-founder Eric Glyman confirmed to TechCrunch that the company now processes “between 1–2% of the U.S. card market.” For a company founded in 2019, that share is not only impressive—it signals that Ramp is rapidly climbing the fintech ladder.
“It’s a nice way of saying we have a lot of room to grow,” Glyman remarked”
Despite its massive revenue growth, Ramp is intentionally unprofitable, choosing to reinvest heavily in product and innovation. Glyman emphasized that more than half of every dollar spent on payroll goes to R&D—a commitment he claims is “very different from most software companies.”
AI Driving Operational Efficiency
Ramp’s leadership also credits AI integration across teams with reducing operational costs and accelerating productivity. Glyman says that Ramp’s monthly cash burn is now under $2 million, in large part due to automation and AI tools deployed in departments ranging from sales and marketing to engineering.
“Every team at Ramp is using AI to augment the way they work,” Glyman explained”
AI is enabling sales reps to work more efficiently by pre-qualifying leads, and the company even used AI tools like Midjourney to produce a Super Bowl ad in just 10 days, a timeline that would have been unthinkable pre-AI.
Investors Take Notice
Earlier this week, Ramp announced it has nearly doubled its valuation to $13 billion, following a $150 million secondary share sale to both new and existing investors. Participants in the deal include Stripes, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures, and Definition Capital.
This secondary transaction follows Ramp’s Series D extension in April 2024, which also raised $150 million and valued the company at $7.65 billion at the time. To date, Ramp has raised a total of $1.2 billion in equity and $700 million in committed debt funding.
Business Model Breakdown
Ramp generates revenue from several streams:
- Interchange fees for card transactions
- Transaction fees on bill payments
- SaaS fees from customers using its premium “Plus” offering
- FX fees on cross-border payments
- Affiliate fees from travel bookings
- Banking spreads from its Treasury product, which earns interest on customer deposits via partner banks
With the expansion of its Treasury offering and continued enterprise growth, Ramp is positioning itself not just as an expense management tool—but as a full-fledged financial operating system for businesses.
The company has also seen substantial headcount growth, surpassing 1,000 employees by the end of 2024, up from 730 just months earlier during its Series D extension.
What’s Next?
While Ramp is still participating in the GSA’s $25 million SmartPay pilot program for U.S. government procurement (see related story), its private sector momentum is undeniable.
As one of the fastest-growing fintech companies in the U.S., Ramp is not just chasing growth—it’s redefining efficiency at scale, and it’s doing it with cutting-edge technology, bold reinvestment strategies, and an eye toward the long-term future of finance.
