Ramp’s AI-Driven Push Challenges Corporate Credit Card Giants

Ramp, the six-year-old fintech startup, has captured the attention of the financial world with its $22.5 billion valuation and $1 billion in annualized revenue, both achieved in the span of a few months. The company, co-founded by Eric Glyman and Karim Atiyeh in 2019, is redefining the corporate credit card market with its AI-driven expense management tools and aggressive branding strategy. Ramp's growth has outpaced its peers, including Brex, which, despite a two-year head start, was last valued at $12.3 billion. The startup's valuation has been fueled by consecutive funding rounds, including a $16 billion valuation in June led by Founders Fund and a subsequent round led by Iconiq in July [1].

Ramp's expansion into the corporate finance space is not limited to its core credit card offering. The company has diversified into expense management, travel, and automation through AI agents that streamline financial processes for businesses. These tools are central to Ramp’s mission of automating and optimizing corporate financial operations. In July, Ramp unveiled a suite of AI agents capable of automatically approving employee expenses based on company policy, demonstrating its commitment to leveraging AI in enterprise software [2].

The startup's rapid ascent has attracted the attention of high-profile investors such as Founders Fund, Iconiq, Thrive, and Coatue. Trae Stephens of Founders Fund, an investor with experience in high-valuation tech companies like Palantir and Anduril, has stated that traditional software metrics may not apply to certain high-growth startups. This sentiment reflects the confidence investors have placed in Ramp, despite some skepticism within the industry. Coatue, one of Ramp’s earliest backers, reportedly sold part of its stake in 2023, citing concerns over valuation, though a newer Coatue fund later re-invested in Ramp’s most recent funding round [1].

Despite the criticisms and comparisons to AI companies, Ramp's leadership remains unfazed. The company has grown from $300 million in annualized revenue in August 2023 to $700 million in January 2025, and finally to $1 billion as of the end of August 2025. This growth trajectory has positioned Ramp as a major competitor in the fintech space, challenging traditional players like American Express, which holds approximately 30% of the $2 trillion corporate credit card market. Ramp currently holds about 1.5% of that market, but its aggressive expansion and brand awareness suggest it is poised to capture a larger share [1].

The company’s marketing efforts, including a Super Bowl advertisement featuring Saquon Barkley and a sponsorship of the tech podcast TBPN, have contributed to its rising profile. These campaigns have helped Ramp build a brand that resonates with both CFOs and everyday employees who struggle with monthly expense reports. The company’s neon-yellow branding and omnichannel marketing strategy have set it apart in a crowded market. As Ramp continues to expand its product suite and refine its AI offerings, the question remains whether it can sustain its growth and valuation in the face of increasing competition and investor scrutiny [1].

Source: [1] An inside look at Ramp's eye-popping $22.5 billion valuation (https://fortune.com/2025/09/09/ramp-valuation-founders-fund-thrive-keith-rabois-brex-fintech/) [2] Fintech startup Ramp hits $1 billion in annualized revenue... (https://finance.yahoo.com/news/exclusive-fintech-startup-ramp-hits-091401367.html)