Financial operations platform Ramp announced that new and existing investors including Stripes, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures, and Definition Capital have purchased $150 million in Ramp secondaries from employees and early investors, most recently valuing the company at $13 billion.
Ramp’s platform was designed to save companies time and money. The company’s all-in-one solution combines payments, corporate cards, vendor management, procurement, travel booking, and automated bookkeeping with built-in intelligence to maximize the impact of every dollar and hour spent.
Ramp has saved customers $2 billion and 20 million hours to date and now powers over $55 billion in annualized payment volume across card transactions and bill payments, up from $10 billion in January 2023.
These are some of the company’s key milestones (January 2024 – January 2025)
Ramp achieved the following milestones in the past year:
Multi-Product Innovation and Adoption
– Launched three marquee product lines: Ramp Procurement, Ramp Travel, and Ramp Treasury.
– Introduced the Ramp App Center, with 200+ integrations from 75+ technology partners.
– Over 30% adoption of Ramp Plus, the company’s premium software tier, among new customer cohorts.
– Automated 100+ million business workflows, including approvals, auto-coded accounting records, and more.
Financial Momentum
– Executed over $55 billion in annualized payment volume across card transactions and bill payments.
– Continued to scale efficiently, burning less than $2M per month on average in 2024.
Customer Impact
– Doubled the time and money saved for customers to $2 billion+ and 20 million+ hours of work.
– Grew to serve 30,000+ U.S. businesses, welcoming new customers including CBRE, Crumbl, Notion, OLIPOP, Pave America, Repipe Specialists, Sbarro, Spindrift, Vanta, ZipRecruiter, and more.
– Continued to serve larger and more complex customers, doubling active enterprise logos.
The average mid-market finance team has 15-20 different tools to run their daily operations. And this fragmented approach creates unnecessary complexity and inefficiency, especially as companies grow.
Ramp addresses this challenge by offering a comprehensive financial solution that consolidates various point solutions into a single platform and is powering more of the financial tech stack within companies.
Since launching with a corporate card in 2019, Ramp expanded to six distinct product lines, adding expense management, bill payments, procurement, travel booking, and treasury. Three of these product lines were launched just last year, and nearly half of Ramp’s customers now use more than one product.
AI transforms software from passive tools into systems that can think and act. And Ramp exemplifies this by operating at the transaction layer, not just suggesting improvements but automatically implementing them. Just as autonomous vehicles are taking transportation from steer-assist to self-driving, Ramp’s AI enables the shift from managed financial software to autonomous financial operations.
For example:
– Barry’s (a boutique fitness company) reclaimed 400 hours monthly from expense report automation and thousands of dollars towards its bottom line through features that prevent excessive spending.
– Boys & Girls Club of America (a leading national youth development nonprofit) realized savings of 50 hours per month with automation that makes expense reports effortless.
– Poshmark (leading fashion marketplace) reached their free cash flow goals 5 months ahead of schedule by redirecting their team’s energy towards strategic projects, not administrative burden.
– Precision Neuroscience (a medical technology company) achieved 50% faster procurement cycles by digitizing and automating purchase order approvals.
– Rustic Canyon (a California-based restaurant group with 8+ locations) regained five monthly working days through streamlined accounting workflows.
With 30,000+ customers less than 5 years after launching its first product, Ramp is just getting started. And building on its strong momentum, the company plans to accelerate product development in 2025, with a focus on expanding its AI capabilities and launching new product lines.
KEY QUOTES:
“We’re obsessed with one goal: giving businesses back their time and money. Every product we build, every feature we launch, is focused on eliminating financial waste and busywork so companies can run more profitably. AI is fundamentally changing how businesses operate, and we’re ensuring our customers are at the forefront of this transformation.”
“In the next five years, we’ll look back at how companies run their finances today and it will feel as outdated as manual bookkeeping. The future of finance isn’t about managing more software – it’s about software that actually gets work done. That’s what we’re driving towards.”
- Eric Glyman, Co-founder and CEO of Ramp
“Ramp’s ability to execute across multiple product lines while maintaining extraordinary growth and efficiency at scale puts them in an elite class of software businesses, exemplifying Stripes’ focus on truly amazing products and teams that are obsessed with compounding value for customers over time. With AI deeply embedded in its roadmap, Ramp is uniquely positioned to lead the next wave of automation across the full stack of financial operations.”
- Ken Fox, Founder and Managing Partner at Stripes
“With Ramp, we were able to unlock a lot of our team’s capacity around expense management and redeploy it towards other opportunities. As a result, we exceeded our free cash flow goals, achieving it within seven months instead of twelve.”
- Kaustubh Khandelwal, VP of Finance at Poshmark
“We’re at the start of an unprecedented wave of technological breakthroughs. The companies that will matter most are those turning these advances into tangible value and economic gains. Ramp has been quietly doing this since day one – taking processes that used to take hours and reducing them to seconds, all with the goal of helping businesses run more efficiently and profitably. That’s the kind of practical innovation that creates lasting value.”
- Kareem Zaki, Partner at Thrive Capital
