32. Ramp

Founders: Eric Glyman (CEO), Karim Atiyeh, Gene Lee
Launched: 2019
Headquarters: New York City
Funding: $1.8 billion
Valuation: $7.6 billion
Key technologies: Artificial intelligence, machine learning
Industry: Fintech
Previous appearances on Disruptor 50 List: 1 (No. 29 in 2023)

When the economic outlook is uncertain, companies keep a closer eye on expenses. Ramp is among the increasing number of expense management software offerings available to companies big and small. 

Since its founding in 2019, Ramp has grown quickly, now serving more than 25,000 companies. Its platform helps companies track spending and save money by flagging duplicated expenses or through contract negotiations. Companies save an average of 5% a year on expenses. The company passed $300 million in annualized revenue in 2023, and grew transaction volume sixfold between two recent funding rounds (March 2022, August 2023), surpassing $10 billion in accounts payable volume. 

At a time when many other startups are finding it more challenging to raise capital, Ramp raised $150 million in April in a round led by Khosla Ventures and Peter Thiel's Founders Fund, with additional new investors Sequoia Capital, Greylock, and 8VC. That followed the $300 million last August from existing investors, including Thrive Capital, Sands Capital and General Catalyst.

In the past year, Ramp has focused on buying and rolling out AI capabilities, including Ramp Intelligence, which generates insights for finance teams and proactively suggests savings opportunities. It also introduced Ramp Plus, a new suite of services for enterprise clients such as Shopify. As Ramp has grown, it's focused more on enterprise customers. 

Ramp also partnered with Microsoft's 365 Copilot to bring Ramp's AI assistant to Teams users. It also integrated with Microsoft Outlook and Uber for Business so users can automatically match receipts to transactions, replacing expense reports. In November, Ramp said it integrated with ADP Workforce so businesses can manage payroll and non-payroll spend without entering data such as employee, department or location, twice.

Correction: Ramp has grown its customer base to 25,000. Its transaction volume grew 6x between March 2022 and August 2023. An earlier version of this article misstated those figures.