Ramp's valuation reaches USD 13 bln in secondary share sale

The transaction involved existing and new investors, including Stripes, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures, and Definition Capital, purchasing shares from early investors and employees. 

This marks a significant rise from the company's USD 7.65 billion valuation in April 2023, when it secured USD 150 million in a Series D extension co-led by Khosla Ventures and Founders Fund. At that point, Ramp had amassed USD 1.2 billion in equity financing and USD 700 million in committed debt since its launch in 2019. 

A representative from Ramp stated that the company now serves over 30,000 customers, an increase from 25,000 last year. Additionally, the volume of transactions processed through its payment network, including corporate card payments and bill pay services, has surged to USD 55 billion, up from USD 10 billion in early 2023.

Growth and expansion 

Ramp has continued to expand its product offerings beyond corporate cards and expense management, moving into areas such as travel and bill payments. In January 2025, the company introduced a treasury product, further extending its reach into financial services traditionally associated with digital banking. 

While the company has not disclosed current revenue figures, a representative cited by TechCrunch noted that Ramp saw its revenue grow fourfold in 2022, driven largely by its bill pay segment, though profitability had not yet been achieved. By March 2022, the firm had surpassed USD 100 million in annualized revenue, and by mid-2023, it had exceeded USD 300 million. 

Ramp generates revenue through interchange fees on card transactions, transaction fees for bill payments, and SaaS subscriptions for its premium Plus offering. It also earns from foreign exchange on international payments, commissions from travel bookings, and spreads from bank partners through its treasury product.