Prime Highlights:
- Ramp reaches a major milestone with $1 billion in annual revenue and a $22.5 billion valuation, cementing its position as a leading fintech startup.
- The company has pulled ahead of competitors like Brex by expanding its services to include expense management and corporate travel, while maintaining strong investor interest.
Key Facts:
- Ramp’s annual revenue grew from $300 million in August 2023 to $700 million in January 2025, and then reached $1 billion by August 2025.
- The startup completed two major funding rounds this summer, with Series E led by Founders Fund, valuing it at $16 billion, followed by the Iconiq-led Series E-2, raising the valuation to $22.5 billion.
Key Background:
Fintech startup Ramp has reached a major milestone, earning $1 billion in annualized revenue by the end of August. The six-year-old company also boosted its position with a $22.5 billion valuation in July during a funding round led by Iconiq.
Ramp, a credit card company, was started by Eric Glyman and Karim Atiyeh in 2019 and has been competing with major players, such as American Express, Chase, and challengers, such as Brex. Both Ramp and Brex have been close rivals during the pandemic, although now Ramp has surpassed Brex as it provides services related to expense management and corporate travel.
Ramp has also increased its visibility with marketing, such as a Super Bowl commercial with Philadelphia Eagles running back and investor Saquon Barkley, and commercial sponsorship of popular tech podcasts.
The company gained further momentum with two major funding rounds this summer. In June, a Series E round led by Founders Fund valued Ramp at $16 billion, followed by the Iconiq-led Series E-2 in July, which raised the valuation to $22.5 billion. While other fintech firms face declining valuations, Ramp continues to draw strong investor interest.
Ramp’s growth has been rapid. By January 2025, its annual revenue of about $700 million was nearly twice its August 2023 revenue of about $300 million. The company has been developing its services, which increases its market standing.
In the future, Ramp can go beyond the classical credit card charges and into software services with higher margins to compete with competitors such as Brex. Ramp makes no secret of being a major player in the fintech industry with its billion-dollar revenue and high valuation.
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