Business expense startup Ramp is raising $750 million in new funding that would make it worth over $40 billion. That’s more than Ford, FedEx, or American Airlines.
This jump happened just six months after Ramp was valued at $32 billion. The company helps businesses track employee spending and manage corporate credit cards – not exactly the most exciting business idea, but apparently a very profitable one.
The Boring Business Making Billions
Ramp’s software does something pretty simple: it gives companies better control over how employees spend money. Instead of workers using personal credit cards and filing expense reports later, Ramp provides corporate cards that automatically track and categorize every purchase.
The startup launched in 2019 and has grown incredibly fast by targeting a problem every business has – keeping track of where money goes. While flashy AI companies grab headlines, Ramp quietly built software that saves companies real money on boring stuff like office supplies and business travel.
Investors are betting that every business will eventually need this kind of spending control, especially as companies grow and hire remote workers. Ramp competes with older companies like Concur, but offers modern software that’s easier to use.
What’s Next
If the funding goes through, Ramp will join the small club of private companies worth more than $40 billion. That puts it ahead of many public companies that have been around for decades. The big question is whether a business expense company can really be worth more than major airlines and car manufacturers.