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Home » RAMP, a fintech startup founded six years ago, has increased its annual revenue to over $700 million, more than doubling its earnings.
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RAMP, a fintech startup founded six years ago, has increased its annual revenue to over $700 million, more than doubling its earnings.

3 Mins Read
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Ramp Secures $700 Million in Annualized Income and Nearly Doubles Valuation to $13 Billion

Startup fintech Ramp has marked a significant milestone, reporting an impressive $700 million in annualized income as of January this year, according to sources familiar with the company’s internal operations. This achievement underscores Ramp’s rapid growth trajectory in the competitive fintech landscape.

Rapid Income Growth Since Launch

Since its inception, Ramp has exhibited remarkable growth. By March 2022, the company had surpassed $100 million in annualized income, followed by a leap to $300 million in August 2023. In less than 18 months, Ramp has effectively more than doubled its income, showcasing its solid business model and market reception.

Strategic Reinvestment for Future Growth

While Ramp has yet to achieve profitability, co-founder and CEO Eric Glyman stated that this choice is strategic, emphasizing the company’s commitment to reinvesting into its growth. “We could be profitable very quickly,” Glyman mentioned, highlighting that over half of the company’s expenditures are directed towards research and development (R&D) — a stark contrast to the spending patterns seen in many typical software firms.

Significant Funding to Fuel Growth

Ramp has a substantial capital reserve to sustain its operations during this phase of reinvestment. The company raised $150 million in a Series D extension co-led by Khosla Ventures and Founders Fund last April, allowing Ramp to continue executing its ambitious growth strategy without immediate pressure for profits.

Leveraging AI for Operational Efficiency

Interestingly, Glyman indicated that artificial intelligence (AI) plays a crucial role in mitigating cash burn, which stands at less than $2 million per month. “Each Ramp team uses AI to enhance productivity across various functions, including sales and marketing,” he explained. This technology not only streamlines operations but also facilitates faster and more efficient decision-making and execution.

Innovative Advertising through Technology

An example of Ramp’s innovative use of AI is demonstrated in their recent Super Bowl advertisement, which was conceptualized and completed in just 10 days. Glyman revealed that tools like Midjourney enabled rapid testing of numerous creative iterations in the days leading up to filming, a process that previously would have taken much longer.

Rising Valuation and Market Presence

On a notable note, Ramp announced a near doubling of its valuation to $13 billion following a secondary share sale worth $150 million. New and existing investors, including VC firms such as Stripes and GIC, participated in this funding round. This valuation increase reflects Ramp’s robust market position, having previously been valued at $7.65 billion just last April.

Diverse Revenue Streams and Future Outlook

Ramp generates revenue through various channels, primarily through interchange fees from Ramp card transactions and SaaS subscriptions from upgraded customer packages. Additionally, the company earns income from transaction fees on invoice payments and affiliate commissions for travel bookings made through its platform. As Ramp continues to innovate with its cash management product, the company looks forward to increasing revenue through banking partner collaborations and broader market reach.

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