Ramp
ConvictionContext
Interchange-led (roughly 70% of revenue per 2025 analyst estimates, e.g. Sacra) corporate charge cards on the Visa network, layered with SaaS subscriptions (Ramp Plus), bill-pay/FX take rates, Flex working-capital financing, procurement, and treasury — software given away or priced low to acquire card spend
Revenue
>$1B annualizedcompany-stated, crossed Sep 2025; Bloomberg reported >$1.5B run-rate at the June 2026 raise; Sacra estimates ~$1.5B by May 2026Rev growth
Run-rate roughly +50%in ~8 months ($1B Sep 2025 to ~$1.5B mid-2026, press-reported); total purchase volume grew ~170% YoY in March 2026 (company-stated, fastest in three yearsGross margin
not disclosedprivateOp margin
not disclosedprivateCapex intensity
not disclosedasset-light software model — card credit is short-duration charge-card receivables via partner banksValuation
~$44BSeries F, June 2026; $750M raised, led by ICONIQ, GIC, and Ontario Teachers' Pension PlanValuation trail
$44B5.4× since Mar 2022
8 marks · Mar 2022–Jun 2026
private — no public price
Priced round Secondary / SPAC mark
Marks are press-reported round pricings, not audited valuations. The 2023 down round and full recovery predate the 2025-2026 AI-narrative re-rating from $13B to $44B in ~15 months.
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence