Ramp

Overview

Ramp is a New York-based financial operations platform founded in 2019 by co-founder and CEO Eric Glyman, offering corporate cards, expense management, bill pay, procurement, travel and AI-driven finance automation (Tech:NYC). Its valuation history is among the most volatile in fintech: a $8.1 billion peak in March 2022, a 28 percent down round to $5.8 billion in 2023, then five repricings in 18 months to a $750 million Series F at $44 billion in June 2026 — with reported talks of a $60 billion round three months later (TechCrunch; PYMNTS).

From Paribus to the corporate card

Glyman, born in Las Vegas and based in New York City, had previously co-founded Paribus, a price-tracking app that helped consumers save money on online purchases; Paribus was acquired by Capital One, where Glyman led the savings automation team (Tech:NYC). He started Ramp in 2019 with his co-founders after concluding that much of traditional financial services — points and rewards programs — was misaligned with customers’ goals; the founding idea was products that help companies and their employees save time and money (Tech:NYC).

Ramp launched as a corporate card for businesses and expanded relentlessly: bill pay, vendor management, travel expense management, and procurement, with Microsoft Copilot integration and AI capabilities automating approvals and spending insights (TechCrunch; TechCrunch). Acquisitions along the way included negotiation platform Buyer (August 2021), AI customer-support startup Cohere.io (June 2023) and AI procurement startup Venue (January 2024) (TechCrunch). Glyman says customers cut expenses by 3.5 percent per year and close their books eight times faster on the platform (Tech:NYC).

The down round, then the rocket ship

Ramp crossed $100 million in annualized revenue before its third birthday in March 2022, the same month it raised $200 million at an $8.1 billion valuation with 5,000 customers (TechCrunch). Revenue grew 4x during 2022 — bill pay was the fastest-growing segment — but the company was not yet profitable, and Glyman claimed the “vast majority” of its equity funds sat untouched on the balance sheet (TechCrunch).

Then came the down round: in August 2023, Ramp raised $300 million co-led by existing backer Thrive Capital and new investor Sands Capital at a $5.8 billion post-money valuation — 28 percent below the March 2022 mark, with annualized revenue past $300 million and 15,000+ businesses on the platform (TechCrunch). It was far from alone — Stripe and Klarna had taken similar markdowns — and secondary-market pricing suggested the market already valued Ramp around $4.8 billion (TechCrunch).

The recovery began in April 2024 with a $150 million Series D extension co-led by Khosla Ventures and Founders Fund at $7.65 billion, bringing total equity financing to $1.2 billion plus $700 million in committed debt, with 25,000+ customers and 730 employees (TechCrunch). Then 2025 turned frantic: a $150 million secondary share sale at $13 billion (March), a $200 million Series E at $16 billion led by Founders Fund (June), a $500 million Series E-2 at $22.5 billion led by Iconiq (July 30), and a $300 million round led by Lightspeed at $32 billion with an employee tender offer (November) — four repricings in eight months, pushing total equity to $2.3 billion (TechCrunch). In October 2025 the company announced it had surpassed $1 billion in annualized revenue and 50,000 customers (TechCrunch).

The $44 billion Series F and the AI thesis

The June 2026 Series F raised $750 million at a $44 billion valuation, led by ICONIQ, GIC and Ontario Teachers’ Pension Plan, with new backers including Goldman Sachs Alternatives, Morgan Stanley Investment Management and D.E. Shaw (PYMNTS). Ramp said total payment volume had grown about 170 percent year over year in March — its highest growth rate in three years — and that customers had seen record savings: in May 2026, the median Ramp customer saved 50 percent more dollars and 32 percent more hours than a year earlier (PYMNTS).

Glyman’s pitch is structural: corporate finance has gained a third pillar of spending — AI tokens, “invisible to every system we’ve built to manage cost” — alongside people and vendors, and Ramp aims to be its infrastructure (PYMNTS). New products reflect that: Router, a tool that routes AI workloads across models to cut AI costs (Ramp says it cut its own AI costs by 30 percent and early customers averaged 40 percent), and Ramp Stack, an AI system for accounting firms launched in June 2026 (PYMNTS).

Three months after the Series F, Bloomberg reported Ramp was in early talks to raise about $1 billion in primary funding at a $60 billion valuation — a target 36 percent above the Series F price. Ramp declined to comment, and the talks may not result in a deal (PYMNTS).

What this profile does not claim

• The September 2026 $60 billion fundraising talks are reported by Bloomberg via PYMNTS, attributed to unnamed sources, with Ramp declining to comment; no such round has been confirmed.
• “Annualized revenue,” “total payment volume,” savings percentages and customer counts are company-reported through press releases and interviews; the profile presents them as reported, not as audited figures.
• Founding-month detail and the names of Glyman’s co-founders appeared only in lead-tier sources read incompletely; the profile names only Glyman.
• Ramp is not confused with Brex: Ramp was founded by Glyman in 2019 in New York; Brex was founded by Dubugras and Franceschi in 2017 in San Francisco and was acquired by Capital One in 2026.
• This profile does not claim Ramp is profitable; it reports the company’s statement of positive free cash flow as of June 2026 (PYMNTS).