Founders: Eric Glyman (CEO), Karim Atiyeh
Launched: 2019
Headquarters: New York City
Funding: $2.3 billion
Valuation: $32 billion
Key Technologies: Artificial intelligence, machine learning
Industry: Fintech
Previous appearances on Disruptor 50 list: 3 (No. 6 in 2025)
With many companies in belt tightening mode, expense management companies have been gaining traction.
Ramp started in 2019 as a corporate credit card, then quickly realized customers wanted help to streamline expenses. Today, the company is a financial operations platform that handles corporate credit cards, expense tracking, and accounting. The company now serves more than 50,000 companies and surpassed $1 billion in annualized recurring revenue in September.
Ramp helps companies save time by automating processes that finance teams have traditionally had to do manually, such as review receipts, categorize expenses, and reconcile accounts. The company says it helps customers cut expenses by an average of 5% a year. It makes money from credit card interchange fees and software subscriptions.
"The worst hour of your month is having to do expenses," Ramp CEO Eric Glyman told CNBC in September. "That radical simplicity is really turning heads and it's what allowed us to go from a company that didn't exist six and a half years ago to a company today doing over a billion in revenue and doubling revenue year over year."
Ramp is not alone and the market for this kind of software is crowded, with former Disruptors Brex (acquired by Capital One) and Navan (IPO'd last year), and Expensify and others all competing for the same customers. Meanwhile, incumbents like American Express and legacy software players are starting to compete with AI features of their own. "As much as Ramp has grown, big picture in corporate cards, we're something like 1.5% of the market. That's 98.5% to go," Glyman said in September.
He said in a CNBC interview on Tuesday that Ramp currently handles about 3% of corporate card transactions in the U.S. and 1% of all corporate transactions, including bill payments.
To stay ahead, Ramp is leaning on AI features. The firm launched two major AI products in the past year. In July, it released autonomous agents that flag unauthorized spending and enforce expense policies. In October, it launched Agents for AP, which automate invoice coding, approvals, and fraud detection. The company said these agents blocked more than 500,000 out-of-policy transactions and stopped a $49,000 AI-generated fraud attempt.
"There's a lot of excitement around AI and I don't think it's smart enough to be a company CFO, but it certainly can do your expenses, categorize your transactions, and also give you insights about how to run your business more efficiently," Glyman told CNBC.
Ramp also expanded beyond expense management. In January 2025, it launched Ramp Treasury, which allows companies to earn returns on idle operating cash. It also expanded into travel — first in 2024, launching Ramp Travel in partnership with Priceline to automate corporate travel booking and expense management. In March of this year, Ramp bought travel platform Juno to further grow its capabilities.
Ramp is also expanding internationally, starting with Europe. In March, it acquired Billhop, a payments platform licensed in the UK and Sweden. The company has said companies headquartered in the UK and EU will be able to use Ramp starting this summer.
Glyman says the bottom line for most customers is what cost savings can be translated into: "Take an average American business where you have a profit margin of 8%. ... a 1% reduction in cost is equivalent to a 12% increase in revenue. In some sense, every incremental dollar saved is a huge flywheel on productivity, and I think that's a big deal."
He said on Tuesday that the average Ramp customer is growing revenue by 16% versus a U.S. average of 4%. "When you cut costs out, you can reinvest in more valuable uses of people's time," Glyman said.
Investors continue to see a brighter, more profitable future for the company. In June, Ramp raised $200 million at a $16 billion valuation. By July, after raising another $500 million, the valuation had jumped to $22.5 billion. In November, the company announced a $300 million funding and a $32 billion valuation. Recent reports indicate that valuation could be set for a rise to as high as $40 billion in an anticipated new round of funding.
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