Ramp says it has hit $1B in annualized revenue

On Tuesday, Ramp answered any lingering questions as to why investors recently valued the expense management startup at $22.5 billion, just 45 days after a previous funding round valued it at $16 billion: the company says it has achieved $1 billion in annualized revenue.

Annualized revenue refers to a company’s current revenue rate projected over a full year. In March, co-founder and CEO Eric Glyman told TechCrunch that Ramp had hit annualized revenue of $700 million. That’s $300 million of revenue growth in about six months.

Ramp, which provides corporate expense management and financial software tools, raised $500 million in the $22.5 billion-valuation round in July, led by Iconiq Growth with participation from Founders Fund and D1 Capital Partners. Ramp has now raised $1.9 billion in total funding. When Glyman talked with TC earlier this year, he said the company was cash-flow positive, too.

Next up, Ramp is working on AI agent-led “autonomous finance” — automated financial management systems — that Glyman predicts will be the norm by 2028. The company recently launched its first AI agent and has plans to launch more.