Ramp at $1B/year
Jan-Erik Asplund
TL;DR: Growing 100%+ YoY every year from $50M through hundreds of millions in revenue scale, Sacra estimates Ramp reached $1B in annualized revenue in August 2025, growing 110% YoY. Its strength at multiproduct and attach—from cards to bill pay to procurement to travel to treasury—has driven consistent revenue expansion and enabled its move upmarket into the enterprise. For more, check out our full report and dataset on Ramp.
Key points via Sacra AI:
- Sacra estimates Ramp hit $1B in annualized revenue in August 2025, up 110% YoY from ~$476M in August 2024, raising $500M at a $22.5B valuation for a ~22.5x revenue multiple—compared to Brex at $357M in revenue in 2024, up 12% YoY, Deel at $1B in annualized revenue in March 2025, up from $800M at the end of 2024 (+70% YoY), Rippling at $570M ARR in February 2025, up from $532M at the end of 2024 (+52% YoY), and Mercury at $500M in annualized revenue in 2024, up 97% YoY from $254M in 2023.
- Ramp’s 2x+ YoY revenue growth at scale lies in its strength at multiproduct and driving attach from cards & expense management (2019) to bill pay (2021), procurement and travel (2024), and treasury (2025), 1) shifting its revenue mix from pure interchange (~1.6% of TPV) to interchange and subscription SaaS (Ramp Plus at $15/user/month), along with financing revenue (bill pay), FX, same-day ACH, wire fees (bill pay), affiliate fees (travel), and interest on deposits (treasury), 2) enabling its push upmarket into the enterprise and 3) setting up its crossover from Sand Hill Road to Main Street.
- Former partners have become frenemies, with Ramp’s competitive set expanding with each new product, from enterprise finance SaaS incumbents Coupa, Navan & Zip which have partnered with Brex, to B2B neobanks like Mercury which have bundled corporate cards, expense management & bill pay in with banking, to payroll companies Rippling & Deel which have integrated payroll & non-payroll operating expenses together by bringing corporate cards, expense management and bill pay into their HR & finance all-in-ones.
For more, check out this other research from our platform:
- Ramp (dataset)
- Brex (dataset)
- Rippling (dataset)
- Mercury (dataset)
- Karim Atiyeh, co-founder and CTO of Ramp, on the future of the card issuing market
- Geoff Charles, VP of Product at Ramp, on Ramp's AI flywheel
- Ramp passes Brex
- Ramp's LLM workflow
- Art Levy, Chief Business Officer at Brex, on the strategy of Brex Embedded
- Bo Jiang, co-founder and CEO of Lithic, on the key primitives in card issuing
- Dan Westgarth, COO of Deel, on the global payroll opportunity
- Immad Akhund, CEO of Mercury, on the business models of fintechs vs. banks
- Andrew Hoag, CEO of Teampay on building expense management for the enterprise
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