Ramp (Ramp Business Corporation) — research brief (BMC #054)

Prepared 2026-10-08. Labels: FACT = stated by Ramp itself (pricing, support, press page, PR Newswire company releases, CEO blog posts on ramp.com); SECONDARY = news reports that quote unnamed sources or third-party estimates (Fortune, TechCrunch, Bloomberg via TechCrunch); INFERENCE = reasoning by this project. Ramp is private and has not published audited financials. Prefer company-stated figures over Sacra or other third-party revenue estimates (those are not used as canvas metrics).

Sources (all accessed 2026-10-08)

Ramp pricing: https://ramp.com/pricing
Ramp support, "How Ramp makes money": https://support.ramp.com/how-ramp-makes-money
Ramp press / media resources: https://ramp.com/press
Ramp media kit (September 2026): https://assets.ramp.com/nextjs/ramp_september_2026_media_kit.zip
Ramp PR Newswire, "$32 Billion Valuation…" (Nov 17, 2025): https://www.prnewswire.com/news-releases/ramp-reaches-32-billion-valuation-doubling-revenue-and-customers-in-past-year-302616510.html
Eric Glyman, "Ramp at $44 Billion: The Third Pillar" (Jun 4, 2026): https://ramp.com/blog/ramp-at-44-billion-the-third-pillar
Eric Glyman, "Welcoming my Co-Founder Karim as Co-CEO of Ramp" (Jun 25, 2026): https://ramp.com/blog/welcoming-my-co-founder-karim-as-co-ceo-of-ramp
Eric Glyman, "Let the robots chase receipts" / $16B (Jun 16, 2025): https://ramp.com/blog/ramp-june-2025-funding
SECONDARY: TechCrunch, $750M at $44B (Jun 4, 2026): https://techcrunch.com/2026/06/04/ramp-raises-750m-at-44b-valuation-as-investors-hunger-for-fintechs-with-an-ai-story/
SECONDARY: TechCrunch, $700M annualized (Mar 3, 2025): https://techcrunch.com/2025/03/03/ramp-has-more-than-doubled-its-annualized-revenue-to-700-million/
SECONDARY: Fortune, $1B annualized end-Aug 2025 (Sep 4, 2025): https://fortune.com/2025/09/04/ramp-exclusive-revenue-billion-dollar-fintech-corporate-credit-card-glyman/
SECONDARY: Reuters synopsis of Iconiq $22.5B round (Jul 30, 2025) — page blocked automated fetch; figures cross-checked via Fortune

Teaching arc

Give the charge card and Free software away, get paid when the card is swiped → Ramp issues a Visa corporate charge card (paid in full each cycle; no interest income) plus spend-management software that is free at $0/user/month or Plus at $15/user/month (+ platform fee), and earns a share of interchange on every purchase, plus Plus subscriptions and fees on international/same-day payments → attach bill pay, procurement, travel, treasury and accounting automation so most customers use two or more products → scale into AI agents and "token spend management" for AI bills → company-stated >$1B annualized revenue and free cash flow by Nov 2025, 50k→70k+ customers by mid-2026, >$100B annualized purchase volume, and a June 2026 primary raise of $750M at a $44B valuation.

How money works (FACT)

Support article: "Ramp earns revenue primarily through your use of the Ramp card and Ramp Plus subscriptions. Every time you make a purchase, merchants incur a small fee known as an interchange fee. This fee is shared between Visa, Ramp's card network partner, and the merchant's bank. Ramp receives a portion of this fee." Plus is optional paid subscription. "As Ramp's card offering operates as a charge card, we do not profit from charging interest on carried balances." May also earn from "supplementary services such as international and same-day payments."
TechCrunch Mar 2025 (SECONDARY, quoting Glyman / reporting): primary money from interchange + bill-payment transaction fees; also Plus SaaS, FX on international money movement, travel affiliate fees; Treasury earns a spread from bank partners on aggregate balances.

Pricing (FACT, ramp.com/pricing, accessed Oct 8, 2026)

Free: $0/mo/user — corporate charge card (unlimited physical/virtual cards, controls), travel & expense, AP (ACH/card/check/wire), AR (basic), Treasury (2% APY checking / advertised investment yield), basic accounting (QBO/Xero), budgets/reporting, vendor management.
Plus: $15/mo/user + "Platform fee based on team size"; save 20% with annual billing — AI expense reviews, auto-lock cards, NetSuite/Sage Intacct etc., multi-entity, live budgets, procurement add-on.
Enterprise: Custom, annual billing — Workday/Oracle, local-currency cards in 30+ countries, dedicated CSM, implementation.
1099 filing: $0.65 per IRS filing (all tiers).
Card issuers (footer): Celtic Bank (US corporate), Column N.A. (US corps operating globally), Sutton Bank (commercial), Lead Bank (business); Canada Peoples Trust; UK/EEA Stripe e-money entities. Ramp is "not a bank"; deposits via First Internet Bank of Indiana (FDIC); Investment Account via Apex Clearing / Moment Advisors.
Checking APY footnote accurate as of 10/08/2026: 2% APY on eligible funds (variable).

Scale and financial disclosures

FACT (PR Newswire company release, Nov 17, 2025, "as of Nov 1, 2025"): generating over $1 billion in annualized revenue and producing free cash flow; over 50,000 customers (doubling YoY); more than $100 billion in annualized purchase volume (*excludes bank transfers / non-monetized payments); enterprise customers +133% YoY; over 2,200 customers contributing $100,000+ in annualized revenue; majority of customers use two or more products; to date saved customers over $10 billion and 27.5 million hours; $300M primary + employee tender; valued at $32B (Lightspeed-led); total equity financing $2.3B with that round; CEO letter: "Our revenue was $500 million 12 months ago, over $1 billion today"; underlying profitability (contribution profit) growing 153% YoY.
FACT (ramp.com/press, accessed Oct 8, 2026): 70,000+ customers; $12B+ saved; 27M+ hours eliminated. Customers named on press: Stripe, Visa, Shopify.
FACT (Glyman blog Jun 4, 2026 "Ramp at $44 Billion"): announces the $44B milestone / raise framing around token spend management; agents get corporate cards (Apr); pulls token usage from Anthropic, OpenAI, Gemini, Cursor.
SECONDARY (TechCrunch Jun 4, 2026): raised $750M at $44B led by ICONIQ, GIC, Ontario Teachers'; annualized revenue "currently more than $1 billion" (crossed that milestone previous September); positive free cash flow; over 70,000 customers (up from 50,000 last November) including Visa, Uber, Shopify, Anduril, Figma; total raised more than $3 billion; Bloomberg reported run-rate revenue more than $1.5B (SECONDARY estimate — not used as a canvas metric).
SECONDARY (Fortune Sep 4, 2025): $1B annualized as of end of August per person familiar; Iconiq-led round at $22.5B in July 2025 after Founders Fund Series E at $16B in June.
SECONDARY (TechCrunch Mar 3, 2025): $700M annualized as of January 2025 (source familiar); Glyman: "between 1-2% of the U.S. card market"; >half of every payroll dollar into R&D; AI helping cut cash burn to less than $2M/month; crossed 1,000 employees by end of 2024.

Leadership / org (FACT)

Founded 2019 by Eric Glyman and Karim Atiyeh (About / press kit).
Jun 25, 2026: both take Co-CEO titles; Rahul Sengottuvelu becomes CTO (Glyman blog).

Competitive context vs Brex (teaching only — do not copy Brex metrics)

Both are interchange-led corporate-card + spend software platforms. Ramp stayed independent and raised at $44B (Jun 2026); Brex was acquired by Capital One (closed Apr 7, 2026). Ramp's public Free tier is $0 and Plus is $15/user (+ platform fee); Brex Essentials $0 / Premium $12/user. Ramp is a charge card (full pay each cycle, no interest); Brex also emphasizes interchange over carry interest. Ramp's company-stated annualized revenue surpassed $1B by late summer / Nov 2025 while still private.

Costs (mostly INFERENCE; Ramp publishes little cost detail)

Card rewards / cashback and interchange shared with Visa and issuing banks (FACT that interchange is shared; size not disclosed).
People / R&D: Glyman said over half of payroll goes to R&D (SECONDARY, TechCrunch Mar 2025); ~1,000 employees end-2024 (SECONDARY).
Credit / funding: charge-card model limits interest income and changes risk vs revolving credit (INFERENCE from FACT charge-card structure).
Sales, marketing, AI infra — not disclosed.

What we did NOT use

Sacra revenue-mix estimates (~70% interchange etc.) and Sacra $1.5B May 2026 ARR — third-party, not company-stated.
Bloomberg >$1.5B run-rate — SECONDARY estimate only; canvas uses company "over $1 billion annualized" floor.
Pre-2025 valuation history except as narrative context.

# Ramp (Ramp Business Corporation) — research brief (BMC #054) Prepared 2026-10-08. Labels: **FACT** = stated by Ramp itself (pricing, support, press page, PR Newswire company releases, CEO blog posts on ramp.com); **SECONDARY** = news reports that quote unnamed sources or third-party estimates (Fortune, TechCrunch, Bloomberg via TechCrunch); **INFERENCE** = reasoning by this project. Ramp is private and has not published audited financials. Prefer company-stated figures over Sacra or other third-party revenue estimates (those are not used as canvas metrics). ## Sources (all accessed 2026-10-08) - Ramp pricing: https://ramp.com/pricing - Ramp support, "How Ramp makes money": https://support.ramp.com/how-ramp-makes-money - Ramp press / media resources: https://ramp.com/press - Ramp media kit (September 2026): https://assets.ramp.com/nextjs/ramp_september_2026_media_kit.zip - Ramp PR Newswire, "$32 Billion Valuation…" (Nov 17, 2025): https://www.prnewswire.com/news-releases/ramp-reaches-32-billion-valuation-doubling-revenue-and-customers-in-past-year-302616510.html - Eric Glyman, "Ramp at $44 Billion: The Third Pillar" (Jun 4, 2026): https://ramp.com/blog/ramp-at-44-billion-the-third-pillar - Eric Glyman, "Welcoming my Co-Founder Karim as Co-CEO of Ramp" (Jun 25, 2026): https://ramp.com/blog/welcoming-my-co-founder-karim-as-co-ceo-of-ramp - Eric Glyman, "Let the robots chase receipts" / $16B (Jun 16, 2025): https://ramp.com/blog/ramp-june-2025-funding - SECONDARY: TechCrunch, $750M at $44B (Jun 4, 2026): https://techcrunch.com/2026/06/04/ramp-raises-750m-at-44b-valuation-as-investors-hunger-for-fintechs-with-an-ai-story/ - SECONDARY: TechCrunch, $700M annualized (Mar 3, 2025): https://techcrunch.com/2025/03/03/ramp-has-more-than-doubled-its-annualized-revenue-to-700-million/ - SECONDARY: Fortune, $1B annualized end-Aug 2025 (Sep 4, 2025): https://fortune.com/2025/09/04/ramp-exclusive-revenue-billion-dollar-fintech-corporate-credit-card-glyman/ - SECONDARY: Reuters synopsis of Iconiq $22.5B round (Jul 30, 2025) — page blocked automated fetch; figures cross-checked via Fortune ## Teaching arc Give the charge card and Free software away, get paid when the card is swiped → Ramp issues a Visa corporate charge card (paid in full each cycle; no interest income) plus spend-management software that is free at $0/user/month or Plus at $15/user/month (+ platform fee), and earns a share of interchange on every purchase, plus Plus subscriptions and fees on international/same-day payments → attach bill pay, procurement, travel, treasury and accounting automation so most customers use two or more products → scale into AI agents and "token spend management" for AI bills → company-stated >$1B annualized revenue and free cash flow by Nov 2025, 50k→70k+ customers by mid-2026, >$100B annualized purchase volume, and a June 2026 primary raise of $750M at a $44B valuation. ## How money works (FACT) - Support article: "Ramp earns revenue primarily through your use of the Ramp card and Ramp Plus subscriptions. Every time you make a purchase, merchants incur a small fee known as an interchange fee. This fee is shared between Visa, Ramp's card network partner, and the merchant's bank. Ramp receives a portion of this fee." Plus is optional paid subscription. "As Ramp's card offering operates as a charge card, we do not profit from charging interest on carried balances." May also earn from "supplementary services such as international and same-day payments." - TechCrunch Mar 2025 (SECONDARY, quoting Glyman / reporting): primary money from interchange + bill-payment transaction fees; also Plus SaaS, FX on international money movement, travel affiliate fees; Treasury earns a spread from bank partners on aggregate balances. ## Pricing (FACT, ramp.com/pricing, accessed Oct 8, 2026) - Free: $0/mo/user — corporate charge card (unlimited physical/virtual cards, controls), travel & expense, AP (ACH/card/check/wire), AR (basic), Treasury (2% APY checking / advertised investment yield), basic accounting (QBO/Xero), budgets/reporting, vendor management. - Plus: $15/mo/user + "Platform fee based on team size"; save 20% with annual billing — AI expense reviews, auto-lock cards, NetSuite/Sage Intacct etc., multi-entity, live budgets, procurement add-on. - Enterprise: Custom, annual billing — Workday/Oracle, local-currency cards in 30+ countries, dedicated CSM, implementation. - 1099 filing: $0.65 per IRS filing (all tiers). - Card issuers (footer): Celtic Bank (US corporate), Column N.A. (US corps operating globally), Sutton Bank (commercial), Lead Bank (business); Canada Peoples Trust; UK/EEA Stripe e-money entities. Ramp is "not a bank"; deposits via First Internet Bank of Indiana (FDIC); Investment Account via Apex Clearing / Moment Advisors. - Checking APY footnote accurate as of 10/08/2026: 2% APY on eligible funds (variable). ## Scale and financial disclosures - FACT (PR Newswire company release, Nov 17, 2025, "as of Nov 1, 2025"): generating over $1 billion in annualized revenue and producing free cash flow; over 50,000 customers (doubling YoY); more than $100 billion in annualized purchase volume (*excludes bank transfers / non-monetized payments); enterprise customers +133% YoY; over 2,200 customers contributing $100,000+ in annualized revenue; majority of customers use two or more products; to date saved customers over $10 billion and 27.5 million hours; $300M primary + employee tender; valued at $32B (Lightspeed-led); total equity financing $2.3B with that round; CEO letter: "Our revenue was $500 million 12 months ago, over $1 billion today"; underlying profitability (contribution profit) growing 153% YoY. - FACT (ramp.com/press, accessed Oct 8, 2026): 70,000+ customers; $12B+ saved; 27M+ hours eliminated. Customers named on press: Stripe, Visa, Shopify. - FACT (Glyman blog Jun 4, 2026 "Ramp at $44 Billion"): announces the $44B milestone / raise framing around token spend management; agents get corporate cards (Apr); pulls token usage from Anthropic, OpenAI, Gemini, Cursor. - SECONDARY (TechCrunch Jun 4, 2026): raised $750M at $44B led by ICONIQ, GIC, Ontario Teachers'; annualized revenue "currently more than $1 billion" (crossed that milestone previous September); positive free cash flow; over 70,000 customers (up from 50,000 last November) including Visa, Uber, Shopify, Anduril, Figma; total raised more than $3 billion; Bloomberg reported run-rate revenue more than $1.5B (SECONDARY estimate — not used as a canvas metric). - SECONDARY (Fortune Sep 4, 2025): $1B annualized as of end of August per person familiar; Iconiq-led round at $22.5B in July 2025 after Founders Fund Series E at $16B in June. - SECONDARY (TechCrunch Mar 3, 2025): $700M annualized as of January 2025 (source familiar); Glyman: "between 1-2% of the U.S. card market"; >half of every payroll dollar into R&D; AI helping cut cash burn to less than $2M/month; crossed 1,000 employees by end of 2024. ## Leadership / org (FACT) - Founded 2019 by Eric Glyman and Karim Atiyeh (About / press kit). - Jun 25, 2026: both take Co-CEO titles; Rahul Sengottuvelu becomes CTO (Glyman blog). ## Competitive context vs Brex (teaching only — do not copy Brex metrics) - Both are interchange-led corporate-card + spend software platforms. Ramp stayed independent and raised at $44B (Jun 2026); Brex was acquired by Capital One (closed Apr 7, 2026). Ramp's public Free tier is $0 and Plus is $15/user (+ platform fee); Brex Essentials $0 / Premium $12/user. Ramp is a charge card (full pay each cycle, no interest); Brex also emphasizes interchange over carry interest. Ramp's company-stated annualized revenue surpassed $1B by late summer / Nov 2025 while still private. ## Costs (mostly INFERENCE; Ramp publishes little cost detail) - Card rewards / cashback and interchange shared with Visa and issuing banks (FACT that interchange is shared; size not disclosed). - People / R&D: Glyman said over half of payroll goes to R&D (SECONDARY, TechCrunch Mar 2025); ~1,000 employees end-2024 (SECONDARY). - Credit / funding: charge-card model limits interest income and changes risk vs revolving credit (INFERENCE from FACT charge-card structure). - Sales, marketing, AI infra — not disclosed. ## What we did NOT use - Sacra revenue-mix estimates (~70% interchange etc.) and Sacra $1.5B May 2026 ARR — third-party, not company-stated. - Bloomberg >$1.5B run-rate — SECONDARY estimate only; canvas uses company "over $1 billion annualized" floor. - Pre-2025 valuation history except as narrative context.