In a year defined by AI noise and product pivots, Ramp has been remarkably consistent, steadily building one of the most performant finance platforms in the enterprise stack.
Their original wedge–a smarter corporate card–was a simple but sharp idea: real-time controls, policy automation, no fluff. It worked. Fast forward a few years, and Ramp has evolved into something much bigger: a full-stack finance OS used by 50,000+ businesses and counting.
We’ve backed them in their Series E-2 for the team’s clear focus and exceptional velocity. Just four months later, Ramp has outpaced even our most ambitious expectations.
Now, they’ve raised another round. We’re thrilled and humbled to lead it.
This round is a testament to what the team has built not just this year, but over the past six, and to what they plan for many years to come.
Exceptional execution at scale
When we first invested in Ramp, they were already processing tens of billions in transaction volume, helping companies save time and money through smarter automation. That’s still true, but the scale is different now.
In the past year alone, Ramp doubled their customer base to over 50,000 companies and doubled revenue to more than $1 billion–all while reaching positive cash flow.
Their platform has become the OS for companies like Shopify, Figma, Perplexity, Notion, and Anduril; it delivers immediate, visible time savings for the people who use it daily: controllers, accountants, and AP teams.
Ramp is part of a whole new class of AI-native companies. We believe Ramp ships faster than many early-stage startups and AI-native companies. They are accelerating at scale, proving that getting big no longer means getting slow. Customer trust. Category leadership.Execution speed. These are rare on their own–rarer still in combination.
Autonomous finance is the future
Ramp’s early success came from understanding that traditional corporate cards were blunt instruments built for rewards, not teams. By inverting this model and focusing on real-time controls and automation, Ramp quickly became the choice for modern finance teams, sitting right at the center– connecting intelligence to money movement.
From there, Ramp expanded into bill pay, treasury, travel & expense, and procurement. As Ramp captures more share of the payment wallet, its software becomes increasingly powerful.
For example, Ramp’s Agents for AP launched this year. These agents shift Ramp from recommending decisions to taking action: checking for fraud, completing payments, and more.
The old adage “garbage in, garbage out” has never been more relevant. No matter how sophisticated AI models become, their performance depends on access to fresh, accurate data, and Ramp’s control over payment flows gives them that advantage. Money used to talk, now it thinks.
Building with focus in a market that’s distracted
The market opportunity ahead remains massive. Less than 2% of corporate and small business credit card spend flows through Ramp customers today. To date, Ramp has saved customers over $10B and 27.5 million hours, and has powered over $100B in purchases annually.
Force-of-nature founders building for the long term
It’s easy to write off “founder quality” as a cliché. But in this case, it’s real.
Eric Glyman and Karim Atiyeh are relentless executors. They previously co-founded Paribus, acquired by Capital One in 2016, where they gained firsthand exposure to the incentive misalignment between the credit card market and customers. That experience, combined with extensive research, shaped their conviction about the market opportunity.
Moreover, Ramp has become a destination for exceptional AI engineers and operators. AI is infused throughout everything they do. This isn’t a team adding AI features as an afterthought; they’ve built a culture where intelligence and automation are foundational.
Ramp’s mission has remained beautifully consistent from day one: save companies time and money. When you see this combination of team, market, and execution, investing becomes straightforward. We’re proud to double down.
The content here should not be viewed as investment advice, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any securities. The views expressed here are those of the individual Lightspeed Management Company, L.L.C. (“Lightspeed”) personnel and are not the views of Lightspeed or its affiliates; other market participants could take different views.
Unless otherwise indicated, the inclusion of any third-party firm and/or company names, brands and/or logos does not imply any affiliation with these firms or companies.
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