Ramp: Corporate Cards, Spend Management and Treasury

Ramp is a financial technology platform for US companies that combines corporate cards, spend management, bill pay, procurement, reimbursements and treasury. Ramp does not hold a banking licence: bank accounts, cards, FDIC sweep arrangements and the investment account are provided through partner banks and brokerage infrastructure.

In June 2026 the company raised a $750m Series F at a $44bn valuation. The valuation and financing rounds do not determine the protection of client money; each product must be assessed by identifying the contracting entity, bank or broker, applicable FDIC or SIPC regime and withdrawal terms.

Company, funding and business model

The company was founded in New York in March 2019 by Eric Glyman, Karim Atiyeh and Gene Lee; the public launch followed in February 2020. For Glyman and Atiyeh this is a second fintech: their earlier service Paribus, which automatically refunded shoppers when prices fell, was bought by Capital One in 2016. Ramp positions the product as a system for controlling expenditure and automating finance operations.

The company has raised several rounds at materially different valuations.

Total capital raised is over $3bn.

Published operating metrics include over 70,000 corporate clients as of June 2026 against ≈50,000 at the turn of 2025–2026, card volume of $57bn for 2024 versus $22.3bn a year earlier, and, on the company's June 2026 figures, over 3,200 customers spending $100,000 or more a year, more than $200bn of annualised purchase volume and over $1bn of annualised revenue.

Visa, Uber, Shopify, Anduril and Figma are among the customers. The product was also built out by acquisition: the negotiation service Buyer (2021), the AI support tool Cohere and the procurement platform Venue (2023), and the Jolt engineering team (2025).

The key parameters are set out below; the detail follows in the sections underneath.

Products and pricing

The base platform is free, while paid plans add advanced controls, integrations and support. As of August 2026 the pricing line-up looks like this:

• Ramp — $0: unlimited corporate cards, spend controls, reimbursements, bill pay, QuickBooks Online and Xero integrations;
• Ramp Plus — $15 per user per month plus a platform fee that depends on team size (20% discount on annual billing): advanced budgets, custom roles, multi-entity accounting, NetSuite and Sage Intacct;
• Ramp Enterprise — pricing on request, annual contract only: a dedicated manager, Workday and Oracle Fusion, and card issuing in local currencies across more than 30 countries.

The cards are Visa charge cards: the balance is repaid in full, with no personal guarantees and no personal credit check. Ramp publishes no headline cashback rate and discloses the applicable rate after onboarding. There is no annual fee, and no separate foreign transaction fee: on charges clearing in another currency Ramp states that conversion follows the Visa rate plus a markup not exceeding 3%.

Bill Pay covers accounts payable end to end: OCR parses invoices with ≈99% accuracy, payments go out by ACH, check, card or international wire, and approvals are routed by rule. Domestic payments are free; same-day ACH and international transfers are free when a Ramp Business Account is connected.

Ramp Treasury, launched on 22 January 2025, added two circuits for idle cash that differ in yield, entry threshold and instrument.

Current values for both are shown after login, and the investment yield moves with Fed rates. Ramp now describes the mandate more broadly, as investment-grade fixed income — Treasuries, agency and municipal paper, mortgage-backed securities, commercial paper, repos and money market funds. Ramp reports $5bn of assets under management across its treasury services.

AI and automation

In July 2025 the company shipped agents for controllers built on OpenAI reasoning models: they approve low-risk expenses themselves, catch suspicious receipts and answer employee questions about spend policy — early customers recorded 99% accuracy.

In February 2026 the Accounting Agent was added: it codes transactions from historical patterns, determines with 98% accuracy whether entries are ready to sync into the ERP, and speeds up the month-end close threefold. In April 2026 came a fleet of procurement agents (Intake, Sourcing, Compliance, Renewal): an average 16% saving on vendor contracts and 46 fewer hours of manual purchasing work per month.

Competitive landscape

The spend-management market has consolidated: the three closest rivals all changed status within two years.

The buyer of Brex is the same Capital One that once bought Paribus from Glyman and Atiyeh.

Mercury took a different route: after the collapse of Synapse and the enforcement orders against Evolve Bank, it filed in December 2025 for a national bank charter with the OCC and the FDIC — on annualised revenue of ≈$650m and deposits of ≈$20bn — and on 27 April 2026 received preliminary conditional approval to establish Mercury Bank, N.A. Final authorisation still depends on the organisation phase and on pending FDIC and Federal Reserve approvals. Ramp remains an independent spend-management platform and emphasises software and automation.

The US business-account table in the neobanks overview (section "Business accounts in the US and the EU") sets Ramp's account beside Mercury, Brex, Relay, Rho, Bluevine, Slash and Flex by partner bank, FDIC reach, who may open, plans and idle-cash yield. Ramp's IntraFi placement gives the widest FDIC reach there on its own figure of up to $190m, with 2% APY on checking as at 24 September 2026; its opening rules are narrower than those of Mercury or Brex, since the account serves existing Ramp customers.

Eligibility, protection of funds and limitations

A US operating company may use Ramp for card controls, accounts payable, procurement, reimbursements and accounting integrations. Ramp Treasury separates a bank-deposit arrangement with sweep mechanics from an investment account in a government money-market fund. FDIC coverage depends on the number of banks, ownership category and actual allocation; the fund is not a bank deposit.

Onboarding is built for US structures: a corporation, LLC, LP or non-profit with an EIN, a physical US address (PO boxes, virtual offices and registered agent addresses are rejected) and at least $25,000 in the linked American business account. The platform declines applications from sole proprietors; the bulk of operations and spending must run through the United States.

A foreign beneficial owner may be verified with passport information and proof of address if the US company and its business meet Ramp's requirements. How that American wrapper is built for a non-resident owner is covered in US LLC for non-residents. Ramp does not, however, publish a list of prohibited industries: higher-risk industries are assessed by Ramp and its banking partners; the absence of a published prohibition does not establish eligibility.

Banking, brokerage and technology infrastructure

Ramp does not have a bank charter: each circuit sits with its own partner under its own protection regime.

Additional payment and card infrastructure is supplied by third-party providers, creating a multi-party contractual and operational chain.

The platform earns revenue from three streams.

1. Interchange: the network takes ≈2.5% on a card transaction, and Contrary Research estimates Ramp's own share at roughly 50 basis points after settling with the issuing bank; at volumes in the tens of billions this is the main source of income.
2. Subscriptions: Plus and Enterprise passed $100m of ARR by the end of 2025 on Sacra's estimate, and over 30% of contribution profit already comes from software and services beyond the cards.
3. Margin on client balances and international payments.

The free base plan supports distribution and cross-selling into paid software and treasury products: the card draws in volume, volume produces interchange, and the upsell into Plus, Treasury and agents monetises a client who has already been retained. The same structure creates dependency on partner banks, brokers and infrastructure providers: the whole construction rests on the risk appetite of the partner banks, and a change of issuer, a revision of sweep terms or a regulatory order against a partner hits the product instantly — the Synapse and Evolve stories showed that to the entire industry. The dependency itself — running a banking product on someone else's licence and risk appetite — is covered in BaaS and the sponsor bank.

Regulation and status

Ramp Business Corporation is a financial technology company; the company puts that disclaimer on every screen itself. The regulatory perimeter is distributed across partners: card programmes and deposits sit with FDIC member banks, brokerage with Apex under SEC and FINRA supervision. The wider map of regimes such platforms operate under sits in the fintech section. "Cash rewards" are legally distinct from deposit interest, and the company is entitled to change them without notice. AI agents in procurement and accounting so far live outside any dedicated regulation — which is a head start rather than a guarantee for the future.

The cards, the bank-deposit sweep and the money-market investment account do not share one protection regime: confirm the issuer, deposit bank, sweep network, broker, full fees and rights on suspension or insolvency for each product separately.