Ramp has built an AI story around itself, offering AI agents within its procurement, expense management, accounting, budgeting, and other products, and launched a corporate credit card specifically for AI agents to use. Ramp exited 2024 with net annualized revenue up 133% year over year as total payments volume (TPV) rose to $57B from $22.3B in 2023, reflecting rapid adoption across larger customers and expansion beyond corporate cards into bill pay/AP automation, procurement and travel. The platform's land-and-expand model drives customer wallet share growth through multi-product adoption, positioning Ramp as a critical operational infrastructure for enterprise finance teams.
Cyborg Score Rationale
In June 2026, Ramp raised $750 million in a funding round led by ICONIQ Growth, GIC, and the Ontario Teachers' Pension Plan, at a $44 billion valuation. The company has achieved unicorn-scale revenue growth ($1B+ annualized) while maintaining positive free cash flow, commanding top-tier institutional investor backing. Strong competitive positioning, AI integration, and expansion into adjacent markets (treasury, global payments) demonstrate execution at scale.
Top Insights
The growth, in part, is coming from corporate clients grappling with AI spending that is eating up a larger portion of budgets, with CFOs not only not planning for AI token costs in their annual plans but lacking great tools to manage this.
By June 2026, Ramp reported 70,000+ business customers, up from 50,000 at the beginning of the year, with 2,200 customers contributing $100K+ in annualized revenue—up from 1,700 at the September $1B revenue milestone—reflecting 133% YoY enterprise-customer growth.
Ramp is extending its reach geographically after acquiring Billhop and opening offices in London and Stockholm, with nearly half of Ramp's existing customers already transacting internationally across 180+ countries weekly.
Bill Pay more than tripled year over year as of September 2025, and Ramp Treasury surpassed $1.5B in assets under management following its January 2025 launch.
Named Competitors
Brex — Corporate card and spend management (acquired Brex in early 2026)
Bill.com — AP automation, bill pay, and expense management platform
Airbase — Corporate card and spend management platform
American Express — Legacy corporate card provider
Navan — Corporate travel and expense management platform
Recent Developments
(June 2026) Raised $750M at $44B valuation from ICONIQ Growth, GIC, and Ontario Teachers' Pension Plan
(May-June 2026) Achieved $1.5B annualized revenue run-rate with 70,000+ customers and positive free cash flow
(Early 2026) Expanded internationally with Billhop acquisition and UK/EU offices; launched stablecoin-backed corporate cards with Stripe
(January 2025) Launched Ramp Treasury product with $1.5B in assets under management by September 2025
Open the full interactive Ramp report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.