Ramp ended its red-hot summer with one more coup. The six-year-old fintech startup hit $1 billion in annualized revenue as of the end of August, according to a person familiar with the company’s finances—a figure that looks less shocking next to the whopping $22.5 billion valuation it notched in July in an Iconiq-led funding round.
Ramp has been on the kind of tear usually reserved for AI startups, which the company is starting to resemble. Eric Glyman and Karim Atiyeh founded the company in 2019 to upend the corporate credit card market, which challengers like Brex were already trying to wrest away from American Express and Chase.
