Ramp has more than doubled its annualized revenue to $700 million

Fintech startup Ramp has crossed $700 million in annualized revenue as of January of this year, according to a source familiar with the company’s internal operations. The company had crossed $100 million in annualized revenue before its third birthday in March 2022, passed $300 million by August 2023, and now effectively more than doubled that in less than 18 months. While Ramp has not formally released its revenue numbers, CEO and co-founder Eric Glyman told TechCrunch that Ramp now accounts for “between 1-2% of the U.S. card market,” impressive for such a young company but also “a nice way of saying we have a lot of room to grow,” Glyman added. The company, however, is not yet profitable by choice because it is reinvesting its money. When it wants profits, “we could do so very quickly,” Glyman said. “Over half of every dollar we spend on payroll goes into R&D. Which means over half goes into our products and the people who build them. That’s very different from most software compa ... Read full article.