Fintech startup Ramp has achieved a remarkable milestone, surpassing $700 million in annualized revenue as of January 2025, according to a source familiar with the company’s internal operations. This marks a significant acceleration in growth, as the company had previously crossed $100 million before its third anniversary in March 2022 and $300 million by August 2023. In less than 18 months, Ramp has more than doubled its revenue, reinforcing its position as a rising force in the fintech space.
Rapid Growth in the U.S. Card Market
While Ramp has not publicly disclosed its revenue figures, CEO and co-founder Eric Glyman shared with TechCrunch that the company now accounts for 1-2% of the U.S. card market. Despite this impressive foothold, Glyman views it as an indication of further potential, stating, “We have a lot of room to grow.”
Ramp’s growth trajectory is even more remarkable given the competitive landscape of the corporate spending and expense management sector. By offering a streamlined, AI-powered platform that helps businesses optimize spending and reduce costs, Ramp has successfully attracted a growing customer base, ranging from startups to large enterprises.
A Deliberate Choice: Growth Over Profitability
Despite its soaring revenue, Ramp has yet to turn a profit—but by design. The company is aggressively reinvesting its earnings into product development and innovation. “Over half of every dollar we spend on payroll goes into R&D,” Glyman explained. “That means over half goes into our products and the people who build them. That’s very different from most software companies.”
This strategy differentiates Ramp from many fintech firms that prioritize short-term profitability over long-term innovation. By focusing on research and development, the company is betting on sustained growth and technological advancement to further cement its market leadership.
Strong Financial Backing and AI-Powered Efficiency
Ramp is well-capitalized to continue its aggressive expansion. In April 2024, the company secured a $150 million Series D extension co-led by Khosla Ventures and Founders Fund, ensuring ample runway to operate in the red while scaling its operations.
Moreover, artificial intelligence (AI) is playing a crucial role in optimizing efficiency and reducing costs. Glyman revealed that AI is helping cut the company’s cash burn rate to under $2 million per month, a striking figure for a high-growth startup. “Every team at Ramp is using AI to augment the way they work and scale their output, from sales, to marketing, to product and engineering,” he noted.