Ramp Startup Journey: Fintech Firm Hits $13B Valuation in Share Sale

Ramp startup Journey has emerged as a powerhouse in the financial technology industry by bringing artificial intelligence (AI) to corporate finance through its expense management and payment solutions. Founded in 2019 by Eric Glyman (CEO) and Karim Atiyeh, the New York-based company has established its presence in technology and finance to help businesses lower expenses while automating their workflows and making more effective financial decisions. The full range of AI applications on Ramp’s platform extends from instant receipt handling to business intelligence-driven spending analytics, making the system usable by every business type, from startups to SMEs and enterprises.

The defining characteristic of Ramp stems from its continuous commitment to resolving the widespread issue of inefficient aged financial systems. The platform from Ramp eliminates manual operations and outdated technology from legacy systems through automation of tracking expenses alongside billing and procurement functions, thus freeing up time and resources for company development. This disruptive method achieved worldwide appeal through its conclusion of securing a $13 billion valuation from a 2024 secondary share alliance. The investment deal involving Khosla Ventures and Thrive Capital shows Ramp’s supremacy in its market sector and predicts its transformative role in financing innovation.

This article investigates the Ramp startup’s journey to achieve billion-dollar status by establishing a leader-driven vision, flexible methodology, and innovation focused on customer needs. It also examines its obstacles and significant achievements as it demonstrates an approach to thriving in a dynamic marketplace.

The Founding Story of Ramp Startup: From Frustration to Fintech Revolution

Ramp Startup Journey started operations in 2019 when Eric Glyman (CEO), Karim Atiyeh (CTO), and Gene Lee joined forces to establish the business.

Ramp co-founders Glyman and Atiyeh met as classmates at Harvard and launched their first company, Paribus, out of school. Through their 2014 company, Paribus, Glyman, and Karim Atiyeh have created software that allows ordinary consumers to retrieve missed promotional offers. Glyman acquired his company concept from his Express retail experience when product prices underwent frequent adjustments and his experience of plane ticket irritation after discovering subsequent lower rates. Paribus customers can let the platform track prices and trigger automatic refund processes. Here’s how Ramp Startup’s Journey evolved into a fintech titan now valued at $13 billion.

The Problem That Sparked a Revolution

New technology was transforming finances, and Glyman and Atiyeh could already foresee that change would be developmental differently. In 2016, they sold their consumer savings app Paribus through acquisition after working at Capital One, where they recognized the significant problems businesses faced with manual financial procedures. Using manual spreadsheets and old software for expense reporting and invoice tracking alongside budget management resulted in billions of dollars in business expenses.

“The team observed finance departments struggling to manage paperwork as critical decisions took longer to complete,” according to Glyman. “A better approach that would lead to success needed to exist.”

The Vision: AI-Powered Finance for All

The company founders created a vision to create financial operations with AI integration. Ramp Startup’s journey aims to remove unneeded organizational operations while working to automate all business procedures. The analytics tools from AI allow Ramp to track customer spending habits, thus detecting deviations from standard patterns. It negotiates bulk-purchasing discounts accordingly.

The goal went beyond minor progress toward creating a complete revolution. Traditional financial tools only address symptoms, while Ramp pursues a solution for the disease. AI-based analysis of company spending patterns uses real-time identification of redundant subscription services and overpriced vendors, allowing autonomous contract term renegotiation. The company’s proactive methods enable organizations to save substantial operational costs and minimize time expenditures.

From Idea to Prototype

When Gene Lee became the third co-founder, the founders combined their specialties. Glyman’s financial experience, Atiyeh’s technology skills, and Lee’s product construction capabilities were used to create their first product version. The group worked inside windowless spaces for months as they refined their computer programs. They believed that AI would revolutionize financial systems while staying energized through drink consumption.

After presenting the platform to a small SaaS startup business, the company achieved its first victory. The client used the platform to free up 20 hours each month that would have been required for administrative work. Businesses became highly interested, and demand for Ramp accelerated rapidly.

Funding Challenges and Pivotal Breakthroughs for Ramp Startup Journey

Securing capital was a rollercoaster. Early investors judged their company’s AI-first approach to be too bold and, therefore, rejected the proposal. In 2020, Ramp secured $20 million in seed financing from Founders Fund and Thrive Capital to establish its business model.

During this period, the team used AI to launch two new features that automatically did receipt matching and detected potential fraud. The company reached a $10 billion transaction volume in 2021 while winning major corporations Poshmark and Anduril as clients.

The $13 Billion Valuation: A Triumph of Persistence

Ramp Startup’s journey wasn’t without setbacks. A massive collective of strong economic forces made the company worth $5.8 billion in 2023. The group switched gears to add to the service and improve AI algorithms. They included new service areas such as procurement and travel booking.

By 2024, the strategy was paying off. Ramp’s revenue exceeded $700 million per year as the payments it handled soared to $55 billion. In March 2025, Ramp announced a $150 million secondary share sale, which resulted in a $13 billion valuation following investor confidence in its relentless execution.

“We wanted to find a way to partner but didn’t have a primary (funding) need. “Secondary was a great fit, where it would allow us to deepen partnerships with investors that we were dying to work with,” said Eric Glyman, Ramp’s co-founder and chief executive, who added that the company is on a path to reaching cash flow positive.

Key Innovations: How AI Drives Ramp’s Success

Ramp startup goes beyond automation tasks by creating new rules that transform corporate finance. Businesses receive cash flow gap predictions through predictive analytics, while spending policy restrictions get enforced automatically through automated systems. Ramp stands apart from competitors Brex and Amex due to its software-driven platform that merges ideally with business operations, thus minimizing workflow obstruction and cost burdens.

The AI system at Ramp produced a total savings of $2 billion combined with 20 million hours of optimized business operations by 2025. Businesses that use Notion and ZipRecruiter report a 30% decrease in operational costs through Ramp. The saved resources directly emerge from placing intelligence above inert obstacles in the business model.

The Ramp Startup Journey is not about starting an organization. It’s about illustrating that the oldest industries can be reinvented if there’s vision along with persistence.

As Glyman puts it: “We’re not just automating tasks; we’re rewriting the rules of how businesses manage money.”

READ MORE: Startup Story: SymbyAI Raised $2.1M in Seed to Simplify Scientific Research

Challenges and Obstacles

Development of Ramp startup’s growth proved challenging because it needed to overcome significant obstacles before reaching its $13 billion market value. The company faced harsh conditions between its pandemic-era start and regulatory hurdles but succeeded as an industry-leading corporate financing operation.

Ramp Startup Journey introduced its operations in 2019 to revolutionize corporate finance operations using artificial intelligence. The company’s fundamental mission is to empower organizations with modern technological capabilities that produce practical insights for improving financial operations. Ramp Startup’s journey has converted all difficulties into opportunities for development by consistently demonstrating innovative and resilient business practices.

1. Pandemic Launch Crisis

Ramp startup began operations in February 2020 as the COVID-19 pandemic unleashed unexpected challenges on the company shortly afterward. The sudden closure of worldwide economies and illnesses affecting half of Ramp’s New York City staff prompted businesses to significantly decrease their spending against corporate card operations. Dealing with such a situation became an existence-threatening challenge for Ramp Startup’s Journey. The business downturn pushed Ramp to shift its messaging toward emphasizing cost-saving features since companies required immediate expense reductions. Ramp implemented this strategic decision to become stable, which became a key element behind its eventual achievement.

2. Navigating Intense Competition

The fintech market presents an intensely competitive landscape where Ramp Startup Journey battles with market giants like American Express and SAP Concur. It must contend against rising players such as Brex and Airbase. The startup Brex operates at a $12.3 billion value by serving startups exceeding traditional banking credit limits while banks implement digital transformations. Ramp stands out by using AI to provide financial intelligence and automated solutions across the spectrum to gain control of a more significant customer base.

3. Regulatory Scrutiny

Fintech companies encounter rising regulatory scrutiny, which affects the Ramp startup just as much. Establishing banking partnerships poses the most significant challenge for the company in resolving its compliance issues. Multiple U.S. regulatory agencies warn financial institutions about risks when working with fintech partners. Ramp removes regulatory barriers by working with secure banking institutions such as Celtic and Sutton to support its innovative operations within regulatory requirements.

4. Balancing the Business Model

During the Ramp startup phase, it launched with a mission to reduce business costs, although its revenue model depended on payment fees. CEO Eric Glyman explains how this business model will last because price reductions attract new consumers, creating constant transaction flow. Ramp achieves this equilibrium by helping customers save an average of 5% while aiming to reach 10% soon, demonstrating how money-saving assistance benefits business expansion.

5. Scaling AI Across Industries

The adaptation process for Ramp Startup depends on AI systems that support flexibility in handling different corporate types and industrial sectors. The solution requires both model scaling activities and solutions to data privacy complications. Brex and Airbase require Ramp to defend its position by constantly advancing its technological capabilities and development. AI research at the company draws substantial funding because the organization wishes to keep its cutting-edge algorithms that serve diverse business needs.

6. Building Trust in Finance

Establishing trust between clients is essential for operating within financial activities. The accuracy of financial reporting under the Ramp startup journey allows businesses to prevent audit and tax discrepancies. The company depends on transparent communication and strict compliance procedures to protect its credibility because this keeps 30,000+ business clients. Ramp has achieved reliability in its field by placing transparency at the center of its operations.

Ramp Startup demonstrates organizational toughness and strategic and operational adaptability throughout its business path. The company entered the fintech space through solutions that resolved market crises, competition, and scalability issues. The company utilizes AI innovation and customer-oriented solutions to provide adaptive measures that convert hurdles into emerging business prospects. The Ramp startup is an example to entrepreneurs of how vision, flexibility, and technological leverage enable businesses to survive opposing circumstances.

Growth and Milestones

Ramp Startup Journey was founded in 2019 and has grown exponentially. Since operating during the pandemic, it has achieved these milestones and reached a value of $13 billion.

1. Early Growth and Product Launch

• 2019: Ramp was co-founded by Eric Glyman, Karim Atiyeh, and Gene Lee in 2019 to revolutionize business financial operations.
• 2020: More than 1000 businesses adopted its AI-powered corporate card in its first year. This first product launched Ramp’s subsequent product line expansion.

2. Revenue and Customer Growth

• 2021: Ramp achieved an ARR of over $100 million and gained over 10,000 clients.
• 2022: Before its third birthday, revenue expanded eightfold to $100M in annualized revenue between 2021 and 2022. The firm is scaling rapidly; its enterprise business doubled last year.
• 2023: Got $300 million in funding at a $5.8 billion valuation in 2023. By the middle of 2023, it had reached $300 million in yearly revenue.
• 2024: By January 2025, its revenue had grown to a $700 million annual run rate while it efficiently scaled, requiring less than a million burn per month on average during 2024.

3. Product Expansion and Innovation

• 2022: Ramp Bill Pay was launched, the company’s fastest-growing segment.
• 2023: Ramp Travel and Ramp Procurement were launched along with corporate cards.
• 2024: Ramp Treasury, the company’s first digital bank, was launched. Ramp App Center was also revealed and integrated with over 75 technology partners.

4. Industry Recognition and Market Impact

• 2023: Listed in the Disruptor 50 by CNBC.
• 2024: Processed over $55 billion in annual payments, up from $10 billion in January.
• 2025: The company reached a $13 billion valuation via a $150 million secondary share sale in 2025. It has saved its clients over $2 billion and 20 million work hours.

5. Customer Base Expansion

• 2022: Served 10,000+ customers.
• 2023: Grew to 25,000+ customers.
• 2024: Expanded to 30,000+ customers, including prominent names like Poshmark, Anduril, Notion, and Cursor.

6. Team Growth

• 2023: Had 730 employees.
• 2024: Grew to over 1,000 employees.

Key Milestones in the period January 2024 – January 2025 include the following:

• Introduced three flagship product lines: Ramp Procurement, Travel, and Ramp Treasury.
• Launched the Ramp App Center, featuring over 200 integrations from over 75 technology partners.
• Over 100 million business processes were automated, including approvals, auto-coded accounting records, and additional functionalities.

Ramp Startups has grown a bold idea into a $13 billion fintech giant. If technology is applied ‘smartly’ with empathy, there is a solution to every problem. The company succeeded because it was flexible to market conditions, used AI for operational improvements, and enhanced its products.

Impact and Achievements

Since its beginning, the Ramp startup journey has made a big difference to its customers and the financial technology community. Ramp has experienced tremendous success and has received praise for its refreshing take on the business fintech solution.

• Industry Acknowledgment: Recognized as the Most Innovative Company in North America (Fast Company 2024) and ranked No. 9 worldwide for revolutionizing business finance through AI-powered automation.
• Customer Savings: Enabled businesses to save over $405 million through cashback, discounts, and automation while reducing manual work by 5.8 million hours.
• Product Expansion: Rolled out Ramp Travel, Procurement, and Treasury offerings; added over 200 app integrations (e.g., Salesforce, Shopify) to enhance workflow efficiency.
• Valuation Surge: Following a $150 million secondary share sale, the company’s valuation reached $13 billion in 2025, an increase from $7.65 billion in 2024.
• Market Disruption: Taking on established fintech companies (Amex, Brex) with AI-driven solutions and introducing “finance as code” to assist businesses in automating their spending.
• Awards & Milestones: Ranked among the 50 Disruptor entrants by CNBC, achieved Unicorn Status and secured $750 million in capital at a $8.1 billion valuation in 2022.
• Financial Growth: Over $55 billion in annual payments are processed, and the expected annual revenue will exceed $700 million by early 2025.
• Future Goals: Ramp intends to allocate over 50% of its R&D budget to AI and product development and plans to expand into global markets.

The Ramp startup’s journey from scrappy fintech upstart to a $13 billion valuation is an example of solving a real problem with technology. Ramp has changed the game for business finance, starting with listening to customer requirements and adding more utility over time.

What’s Next for Ramp Startup Journey?

By late 2024, Ramp had employed more than 1,000 people and was pursuing rapid growth. The increasing portion of the U.S. corporate card market, now at approximately 1% to 2%, indicates significant potential for expansion as it ventures into enterprise finance. As the fintech industry evolves, Ramp’s ability to achieve sustained high growth while ensuring capital efficiency positions it as one of the most exciting financial technology companies to monitor in 2025.

“We have one goal in mind: helping businesses save time and money,” Eric Glyman, Co-founder and CEO of Ramp, said. “Every product we build and launch features are engineered to reduce financial waste and busy work, making companies more profitable. AI is changing how we do business, and we want our customers to enjoy this change.”

Despite CEO Eric Glyman’s claims of no urgency, Ramp’s valuation and revenue indicate IPO readiness. However, since it is burning cash at under $2 million per month and investors are lining up for it, Ramp may wait to go public immediately after it locks up its stronghold in the global market.

Ramp’s vision is not incremental but existential. Ramp seeks to eliminate the division between financing tools and business strategic management through AI-led procurement, AI-powered spending insights, and fractional banking. It’s not just about managing money but also about how we do business.

As Ramp co-founder Eric Glyman says, “We’re not here to build a better corporate card. We’re here to invent a better way to run a business.”

Conclusion

The journey of Ramp startup from a mere idea to a $13 billion fintech giant teaches us a lot. Customer pain points must be addressed for success, and one must be agile enough to pivot according to the market. AI must be used strategically. For those who wish to start their businesses, the story of Ramp Startup’s growth proves that you can create exponential growth through technology, even in a competitive market.

According to Glyman, “the future of finance is autonomous with AI working,” as we help businesses save time and money and conserve energy to flourish. Ramp startup’s rise is a model for fintech in a fast-evolving technology era.

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