The Time and Money Company: Behind Ramp's $13 Billion Valuation

Today, Ramp announced a new valuation: $13 billion.

This milestone is a reflection of what we’ve accomplished for you, our customers, and the continued trust you place in us. Thank you for the opportunity to work hard for you and your company.

I’m reminded of Charlie Munger’s famous quote: “Take a simple idea and take it seriously.”

We’re proud of our simple idea and how seriously we take it. We aren’t Steve Jobs or Wilbur Wright. We won’t invent the next iPhone or flying machine.

Our job is more modest – save you time and money, so perhaps you can.

Our simple idea: save every business time and money

This sounds uncontroversial, and yet, when we started Ramp we found an industry doing the opposite.

Corporate cards incentivized spending more. Finance teams devoted most of their time to manual tasks and administrative processes. Legacy tools tracked spend but couldn't efficiently prevent much at all.

We've spent six years flipping this model. The result? $2 billion and 20 million hours saved for you to date. What's remarkable is that we saved over $1 billion and 10 million hours in just the past 12 months.

These savings come from our focus on customer experience, not financial metrics. While others reduce Research & Development at scale, we’re accelerating investment: more than 50% of our payroll now goes to our products and the people who build them.

Most large software companies invest under half of this number.¹ This is why you feel Ramp’s product is getting dramatically more powerful and useful every day. This approach delivered 200+ new features and three new product lines in 2024 alone.

Why does this matter? Because you and 30,000+ companies like yours can reinvest the time and money you’re saving into becoming more productive, profitable, and efficient.

At no time has it been better to be a Ramp customer. My job is to ensure the same is true 12 months from now. And every year after that.

Efficiency isn't sexy, but it builds businesses

Efficiency doesn’t go viral. But it is the foundation of every enduring business.

The math is undeniable: The average U.S. business operates on an 8.5% profit margin. To grow profit by $1, you must either increase revenue by $12, or reduce costs by just $1. A dollar saved isn't just a dollar earned. A dollar saved is 12 dollars earned.

At Ramp, we build tools for you that focus on this equation. While most just focus on "growth levers" – ways to increase revenue – the highest performing companies obsess over reducing waste at every turn. They turn their higher efficiency on every dollar and hour into a compounding advantage.

It’s an open secret the greatest business leaders of our time all knew.

Sam Walton cut Walmart’s supply chain down from 5 components to 3. Henry Ford cut the time to complete a car from 12 hours to 93 minutes. We cut the cost to buy anything from 30 minutes to 30 seconds. Ramp puts the advice of history’s greatest entrepreneurs on autopilot. It’s why the best-run businesses run on Ramp.

Just ask Poshmark – with Ramp they hit their free cash flow goals 5 months ahead of schedule by redirecting their team's energy toward strategic projects, not administrative burden.

Or Anduril – a company transforming American defense, that uses Ramp to run more efficiently, freeing their team to focus on creating and shipping innovative products.

Or Notion – a company obsessed with productivity, which chose Ramp to manage their spend as meticulously as they manage their workflows.

Or Cursor – one of the fastest growing companies of all time, which counts on Ramp to maintain their momentum without sacrificing financial control.

This isn't just about building better businesses. It’s about creating a more productive society by eliminating the drag of inefficiency and redirecting valuable energy to innovation and growth.

Growth might get the headlines, but efficiency leads to lasting progress.

Reversing a 60-year productivity decline

For six decades, American productivity growth has been in decline. In the 1960s, the average worker increased output by 3% per year. Today, that number has dropped to just 1%. When productivity stalls, so does our collective prosperity.

Most companies slow down as they grow – more layers, more complexity, more inertia. That’s not happening at Ramp, and we’re obsessed with ensuring it doesn’t happen to you either. By helping you become dramatically more efficient, we want to play our part in reversing this 60-year decline.

We believe we’re entering a new era: the AI-powered age of business. In the next decade, companies like yours will operate in ways that seem unthinkable today. AI isn’t just a tool for automation; it’s becoming the foundation for decision-making, optimization, and execution.

Finance will be done differently in the age of AI. Instead of tracking expenses, AI will manage them for you. Instead of chasing cost savings, AI will surface them automatically. Instead of reconciling transactions, AI will ensure accuracy before mistakes happen.

Financial operations are moving from steer-assist to fully self-driving. Imagine purchases that categorize themselves, approvals that happen without bottlenecks, and money that intelligently reallocates to drive higher returns. That future isn’t distant – it’s already here. And Ramp is building it.

Eric

^1. _{On average, leading software companies invest between 10-15% of their revenue in R&D. We have assumed an average of 65% of revenue is spent on opex by public software companies (inclusive of stock-based compensation) per aggregated 2023 & 2024 SEC filings}