Ramp, the New York-based corporate card and expense management company, has crossed USD 1 billion in annualised revenue and raised a new funding round at a valuation of USD 22.5 billion, cementing its position as one of the most valuable business-to-business fintech companies in the United States. The round was led by Founders Fund and Thrive Capital, according to reporting published on 9 September 2025.
The milestone marks a sharp divergence in fortunes between Ramp and its closest rival, Brex, whose valuation has remained flat in recent periods while Ramp's growth has been described as astronomical. Both companies offer corporate cards and software that automates expense reporting, invoice processing, and spend controls for businesses ranging from early-stage start-ups to mid-market enterprises. Ramp also competes directly with American Express in the corporate card segment, a market the incumbent has dominated for decades.
GROWTH THAT RESHAPED THE COMPETITIVE LANDSCAPE
Ramp's rise to USD 1 billion in annualised revenue has been driven by rapid customer acquisition among US businesses that have grown frustrated with the manual workflows and delayed reimbursements associated with traditional expense management. The company's platform integrates corporate card issuance with real-time spend visibility, automated receipt matching, and accounting software connections, allowing finance teams to close books faster and with fewer errors.
The contrast with Brex is notable. Both companies launched around the same time and initially targeted the same venture-backed start-up market. Brex subsequently pivoted to focus on larger enterprise clients and pulled back from serving smaller companies, a strategic shift that created an opening for Ramp to consolidate the mid-market and high-growth start-up segment. The revenue trajectory since then has favoured Ramp, whose annualised run rate growth has outpaced the broader corporate payments market by a wide margin.
American Express, the other primary benchmark for investors evaluating Ramp's progress, operates at a far larger scale but serves a different customer archetype: large corporations and high-spending professionals seeking premium rewards and travel benefits. Ramp's value proposition is built around cost reduction and financial control rather than rewards, which appeals to financially disciplined management teams who view unrestricted employee spending as a risk rather than a benefit.
INVESTOR CONFIDENCE AND WHAT COMES NEXT
The decision by Founders Fund and Thrive Capital to lead the round at a USD 22.5 billion valuation reflects confidence that Ramp can continue expanding its product set and customer base without sacrificing unit economics. Founders Fund, founded by Peter Thiel, has a history of backing technology companies that disrupt incumbent financial services providers, while Thrive Capital has been an active investor in high-growth fintech and software companies.
At USD 22.5 billion, Ramp's valuation places it among the top tier of private fintech companies globally. The milestone raises questions about the company's medium-term capital markets ambitions, although no public offering plans were disclosed in connection with the funding announcement. The valuation will also serve as a reference point for discussions about the competitive gap that has opened between Ramp and Brex in the eyes of institutional investors.
For the broader B2B payments and expense management sector, Ramp's revenue milestone is a signal that finance automation software has moved well beyond the niche of early adopters. Businesses across industries and size bands are now treating automated spend management as a core financial operations tool rather than an optional efficiency upgrade, and the market opportunity that remains — particularly among mid-sized companies yet to migrate from legacy expense workflows — is substantial.