Exclusive: Fintech startup Ramp hits $1 billion in annualized revenue after notching $22.5 billion valuation

Ramp ended its red-hot summer with one more coup. The six-year-old fintech startup hit $1 billion in annualized revenue as of the end of August, according to a person familiar with the company’s finances—a figure that looks less shocking next to the whopping $22.5 billion valuation it notched in July in an Iconiq-led funding round. 

Ramp has been on the kind of tear usually reserved for AI startups, which the company is starting to resemble. Eric Glyman and Karim Atiyeh founded the company in 2019 to upend the corporate credit card market, which challengers like Brex were already trying to wrest away from American Express and Chase. 

While Brex and Ramp spent the frothy days of the pandemic in close competition—the Lyft and Uber of corporate cards—Ramp has pulled away in recent years due to its push into other CFO-suite products, including expense management and travel, as well as its near-omnipresent branding. (That has included a Super Bowl spot featuring All-Pro Philadelphia Eagles running back and Ramp investor Saquon Barkley, as well as the blaring chyron sponsorship of tech podcast TBPN.)

Ramp’s dominance was driven home by a one-two punch of funding announcements this summer: a Series E led by Founders Fund, announced in June, that valued the startup at $16 billion; followed the next month by the Iconiq-led Series E-2. Even as other fintech startups remain mired in downrounds or stuck with their COVID-era valuations, Ramp has managed to convince investors to treat it like an AI lab. 

Ramp’s rapid growth, as evidenced by its billion-dollar revenue mark, is part of its ballooning sticker tag. According to TechCrunch, Ramp previously hit $700 million in annualized revenue in March, more than doubling its earlier benchmark of $300 million in August 2023. But the startup’s embrace of AI has also driven investor elation. In July, Ramp introduced its first set of AI agents, which ingest a company’s expense policies and automatically approve employee receipts. 

Whether the company can continue to expand beyond the lower-margin arena of credit-card interchange fees and into the promised land of software-as-a-service subscriptions will determine its future success, as well as whether it can compete with Brex’s international expansion. But for now, Ramp has a new crown to hang alongside its $22.5 billion valuation. 

Figma earnings… Figma CEO Dylan Field spoke to Fortune about AI and the future of design as the design software company reported its first earnings as a public company. Read the whole story here. 

See you tomorrow,

Leo Schwartz
X: @leomschwartz
Email: leo.schwartz@fortune.com

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This story was originally featured on Fortune.com