← State of Embedded Finance 2026

Ramp

“Can a corporate-card company become the AI-powered financial OS for the back office of every ambitious business?”

Founded2019
HQNew York, NY, USA
FoundersEric Glyman, Karim Atiyeh, Gene Lee
Total raised$1.87B+
Latest roundSeries E-2, 2025
Valuation$22.5B post-money (2025)
IndustryHorizontal SaaS / Spend Management
The story

Founded in 2019 as a savings-first corporate card for startups (alumni of Paribus/Capital One), Ramp quickly expanded from card issuance into a full spend-management OS — adding expense management, AP automation, travel, procurement, and business banking in rapid succession. The company's embedded finance angle shifted from being a card-plus-software vendor to providing Ramp-as-infrastructure: an Embedded Platform Payments API lets third-party travel aggregators and B2B marketplaces earn interchange on vendor payments without building their own payment stack. By 2025 Ramp had layered AI agents ('Ramp Intelligence') across every workflow, positioning itself as an autonomous finance back-office rather than just a card provider.

Last 12 months
2025-03
2025-04
2025-05
2025-12
2026-03
Product timeline
2019
Ramp founded in New York by Eric Glyman (formerly Paribus/Capital One) with a focus on corporate cards that save companies money rather than earn rewards.· card
2021
Raised Series B led by Stripe and expanded from corporate cards into expense management and accounts payable automation.· pivot
2022
Raised Series C at $7.9B pre-money valuation; launched travel management and deeper ERP integrations (NetSuite, Sage Intacct, Workday, Oracle).· banking
2023
Launched Ramp Treasury (Business Banking) with high-yield investment accounts and checking accounts powered by First Internet Bank of Indiana and Apex Clearing.· banking
2024
Launched Ramp Global — local card issuance in 30+ countries and international vendor payments — expanding beyond the US market.· card
2025
Raised $700M across two tranches (Series E + E-2) reaching $22.5B valuation; launched Ramp Intelligence AI agents for autonomous expense coding, fraud detection, and AP automation; added Embedded Platform Payments API for third-party platforms.· pivot
The stack
Payments / PSP
Stripe Issuing (self-operated via Stripe Payments UK / Stripe Technology Europe for UK/EEA)Ramp (self-operated US card program)
Banking / BaaS
First Internet Bank of Indiana
Card issuing
Stripe Issuing
KYC
Alloy
Sponsor bank
First Internet Bank of Indiana
Accounting
QuickBooks OnlineXeroNetSuiteSage IntacctWorkdayOracle
Accounting gap: none