Sacra estimates that Rippling reached $570 million in annualized revenue in February 2025, up from approximately $532 million at the end of 2024 and $350 million in 2023.

Rippling serves over 20,000 customers as of May 2025, with its PEO business maintaining a 99.5% year-over-year client retention rate as of fall 2024. The company has built 10+ product lines each generating over $1 million in ARR, with new products typically reaching this milestone within 5 to 6 months of launch.

Revenue is primarily derived from subscription-based pricing across HR, IT, and finance modules, with additional transactional revenue streams including currency exchange, instant wage transfers, and corporate card interchange fees. The unified platform model supports expansion revenue as customers adopt additional modules and increase usage across their employee base.

Rippling is valued at $13.5 billion following its 2024 Series F round, led by Coatue Management.

Based on their 2023 valuation of $11.25B and 2023 ARR of $350M, Rippling commanded a 32.1x revenue multiple.

The company has raised a total of $1.397 billion across multiple funding rounds. The latest Series F round included participation from Greenoaks Capital, which previously led a $500M round, as well as Founders Fund and new investor Dragoneer.

Rippling operates as a unified operating system for workforce management, structured around the Employee Graph, a single, continuously updated employee record that integrates data across HR, IT, and finance modules.

The platform automates cross-functional workflows that typically require multiple systems. For example, when a new employee is hired, Rippling can send offer letters, enroll them in benefits, provision software accounts, order and ship hardware, set up payroll, and issue corporate cards—all triggered by a single action.

The HR module supports onboarding, payroll processing across multiple countries, benefits administration, time tracking, performance management, and recruiting. The IT module manages single sign-on, device provisioning, access controls, and mobile device management for macOS, Windows, iOS, and iPadOS systems.

The finance module includes corporate cards with spending controls tied to HR attributes such as department and role, as well as expense management, bill pay, and travel booking. Rippling also provides Employer of Record services in 80 countries and contractor management in over 185 countries.

The platform integrates with more than 600 pre-built applications and uses Rippling Query Language to combine data from HR, IT, and finance systems into unified reports. The Workflow Automator enables customers to create custom rules connecting different modules without requiring coding.

Rippling operates a B2B SaaS model with subscription pricing determined by employee count and the modules utilized. The company charges a per-employee, per-month fee for each module, with customers typically beginning with HR and payroll before adding IT and finance capabilities.

The unified data model creates high switching costs and supports module expansion. Once customer data is integrated into Rippling's Employee Graph, adding new modules involves minimal setup because employee information, permissions, and workflows are pre-configured.

Rippling generates additional revenue through transactional services, including currency exchange fees on international payroll, interchange revenue from corporate cards, and premium offerings such as device warehousing and shipping. Revenue is also derived from its Employer of Record services, where Rippling acts as the legal employer for customers in countries where they lack local entities.

The platform's architecture supports relatively high gross margins on software while enabling additional margin generation from financial services. Customer retention rates remain high due to the complexity of switching payroll and HR systems, particularly for companies utilizing multiple modules.

The business benefits from strong unit economics as customers increase usage across more employees and adopt additional modules over time. The integrated model also lowers customer acquisition costs, as existing customers frequently expand their usage without requiring separate sales cycles for each product line.

Deel is Rippling's closest competitor, reporting $500 million in ARR and specializing in global payroll and Employer of Record services. Deel has acquired PaySpace to incorporate local payroll engines and Hofy for device management, aligning with Rippling's combined HR and IT strategy.

Competition has escalated due to ongoing legal disputes between the companies over allegations of corporate espionage. Remote and Papaya Global are also active in this space, working to develop native payroll capabilities on a country-by-country basis while bundling services such as immigration support and travel management.

ADP and Workday maintain strong positions in the large enterprise market, leveraging decades-old systems now augmented with AI capabilities. These incumbents benefit from established client relationships and regulatory expertise but face difficulties in updating their technology stacks.

Workday has pursued global expansion through partnerships, while ADP continues to invest in AI-driven features. Both companies possess substantial resources and extensive customer bases but contend with the technical debt of legacy systems compared to Rippling's modern, unified architecture.

Gusto, BambooHR, Paylocity, and Personio cater to small and medium businesses with user-friendly platforms and competitive pricing. These providers are incorporating AI features and broadening their service offerings to compete with Rippling's integrated model.

Gusto concentrates on the US market with robust payroll and benefits solutions, while BambooHR prioritizes HR management and employee experience. Personio and HiBob focus on European markets, offering localized compliance and payroll capabilities.

Rippling has entered the corporate spend management market with its corporate cards offering, generating interchange revenue while enabling spending controls tied to employee attributes and departments. The cards integrate directly with expense management and accounting systems.

In 2025, the company introduced Rippling Travel, which provides end-to-end corporate travel booking and expense capture, targeting the business travel market. This initiative aims to address finance department budgets beyond traditional HR spending.

Rippling's IT capabilities now include device management across all major operating systems, password management, and workflow automation. These additions position the company to compete with IT management tools such as Jamf and Okta.

The platform's contractor management features create opportunities in gig economy and consulting-heavy industries. Rippling's Contractor of Record services now operate in 48 additional countries, enabling the company to serve agencies, consultancies, and creator economy platforms.

Mid-market and enterprise finance teams represent a growth area as Rippling's spend management and bill pay features address CFO budgets beyond traditional HR buyers. The unified platform supports cross-departmental expansion within existing customers.

IT and security teams represent another growth area, as Rippling's device management and identity features compete with specialized security tools. Integration with HR data enables automated provisioning and compliance capabilities.

Rippling's Employer of Record services now operate in 80 countries, up from 40 in 2024, expanding the addressable market to cover two-thirds of the global employed population. This growth allows the company to compete for global accounts that might otherwise select regional providers.

The company has introduced native payroll capabilities in markets such as India, Singapore, and Australia, incorporating localized compliance features. These additions create revenue opportunities in Asia-Pacific markets with high growth potential.

Rippling's HRIS capabilities are now localized in over 85 countries, providing a foundation for further payroll and Employer of Record service expansion. The geographic strategy prioritizes markets with significant remote work adoption and complex regulatory environments.

Competitive intensity: The HR tech market is highly competitive, with well-capitalized entrants such as Deel, established firms like ADP and Workday, and numerous niche providers. Legal disputes and aggressive pricing strategies suggest a market environment focused on competition across both features and cost, which could compress margins and increase customer acquisition expenses.

Regulatory complexity: Managing payroll and Employer of Record services in over 80 countries subjects Rippling to a wide range of evolving employment regulations, tax codes, and data protection laws. Non-compliance in key markets could result in substantial fines and customer attrition.

Platform concentration: Rippling's integrated model creates reliance on a single vendor for essential HR, IT, and finance operations. Significant platform outages, security incidents, or service interruptions could disrupt multiple mission-critical systems for customers, increasing liability exposure and churn risk.