$1.5B/year corporate card neolab
Jan-Erik Asplund
TL;DR: Ramp has expanded from cards & expense management into a multi-line finance platform and is now going after token spend management, betting that AI inference becomes the fastest-growing cost on the corporate P&L and that governing it becomes a permanent CFO function. Sacra estimates Ramp hit $1.5B in annualized revenue in May 2026, up from $1.2B at the end of 2025 (+89% YoY), valued at $44B for a 29x multiple. For more, check out our full report and dataset on Ramp.
We’ve covered Ramp (June 2023, January 2024, August 2025, March 2026) as a corporate card business through to its transition into a software & AI business, and we followed up with interviews of co-founder & CTO Karim Atiyeh about the Ramp way of thinking about infrastructure & product velocity and CPO Geoff Charles about AI & finance.
Key points from our March 2026 update via Sacra AI:
- Ramp's multiproduct expansion from cards & expense management (2019) to bill pay (2021), procurement & travel (2024) and treasury (2025) has driven a Sacra-estimated $1.5B in annualized revenue in May 2026, up from $1.2B at the end of 2025 (+89% YoY), shifting its revenue mix from pure interchange (~$1.05B, 70% of revenue) toward financing & bill pay (~$250M, 17%), subscription SaaS (~$150M, 10%), FX (~$30M, 2%), and deposit interest on treasury balances (~$20M, ~1%).
- In its June 2026 Series F, Ramp raised at a $44B valuation, or 29x annualized revenue, compared to Mercury’s $5.2B valuation in its May 2026 Series D on $650M in annualized revenue as of September 2025, up 41% YoY, Deel’s $17.3B valuation in its October 2025 Series E on $1.4B in annualized revenue as of February 2026, up 57% YoY, Rippling’s $16.8B valuation in its May 2025 Series G on $1B in annualized revenue as of March 2026, up 78% YoY, and Brex’s $5.15B acquisition by Capital One in January 2026 on $700M in annualized revenue as of August 2025.
- For its next act, Ramp is launching AI token spend management, which ingests token usage & spend data from direct model providers like OpenAI & Anthropic and AI gateways like OpenRouter ($50M annualized revenue, +1,840% YoY), enabling the finance team to slice & dice that data by team member, project, model & use case with the promise of helping finance wrap their arms around token spend, prevent wasteful tokenmaxxing and allocate incremental spend on intelligence to tokens rather than payroll.
- Following the Palantir playbook now being adopted across AI by startups like Cohere ($240M ARR in 2025, up 287% YoY) to drive enterprise AI adoption, Ramp is embedding forward-deployed engineers (FDEs) with enterprise finance teams to wire together data warehouses, enterprise SaaS tools & spreadsheets and build custom agents across complex, siloed systems, to get closer to the customer in a way that the foundation labs are attempting to do via their own FDEs and joint venture (e.g., OpenAI with the OpenAI Deployment Company and Anthropic with its yet-to-be-named services company partnering with Blackstone).
- With its R&D arm Ramp Labs releasing applied AI tooling like its AI spreadsheet editor and dipping into the model layer with its own post-trained open-source model, Ramp is expanding its TAM and remaking itself as an AI neolab, part of an app layer insurgency of companies like Cursor ($4B annualized revenue in May 2026, acquired by SpaceX for $60B) DoorDash (NASDAQ: DASH, $83B market cap), Sierra ($200M ARR in May 2026), Fin (Intercom, $419M ARR in April 2026, acquired by Salesforce) and Harvey ($300M ARR in May 2026) leveraging their proprietary data, user traces and engagement to post-train models, build custom agentic systems, and compete with foundation model companies in verticals.
For more, check out this other research from our platform:
- Ramp (dataset)
- Post-Brex Ramp vs Mercury
- 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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