The AI Lab for Modern Finance: Our Next Chapter with Ramp

Over five years of partnership with Ramp, we've had a front-row seat to how Eric and Karim build. Not just what they've shipped, but how they think, what they refuse to compromise on, and how they've translated a simple founding conviction into one of the most ambitious platforms in enterprise software.

It has been 309 days since we announced leading Ramp's Series E-2. Today, we are thrilled to co-lead the next chapter, partnering with Eric, Karim, and the entire Ramp team on their Series F. In that time, Ramp has grown to more than 70,000 customers, crossed $1 billion in annualized revenue, and now runs over $200 billion in annual purchase volume across cards and bill payments. 

As we enter this next chapter, we want to reflect on three qualities that we believe have made Ramp exceptional, and that we think will define what comes next.

Selling Outcomes, Not Products

When we first met Eric and Karim, the corporate card category looked crowded. Most companies were selling a thing: a card, an expense tool, a bill pay product. Eric and Karim were selling an outcome. Their answer to "what is Ramp?" has always been disarmingly simple: your business, but better. Your business, spending less money. Your books, closing a little faster.

"What if actually we wanted the same things as our customers, and what if our goal was not to go and give them the minimum points, but actually just help them spend less? You can compete on value. We believed — and we didn't know if it would be us — but we thought at the end of the day, this is how the industry should settle. With companies working to make their customers better off and customers genuinely choosing the provider that's helping them grow." — Eric Glyman

That clarity of purpose is what struck us five years ago. It is also what has allowed Ramp to expand so aggressively without losing coherence. Bill Pay, Treasury, Procurement, Travel, International. Each could have been a standalone company. Ramp built them in succession, in parallel, without sacrificing the product quality or customer love that defined the original card. Customers save an average of 5% on spend and see 16 to 19% revenue growth in their first year on Ramp. The product is doing what the founding pitch promised: making the business better. When the mission is a customer outcome rather than a product category, the roadmap writes itself.

Counting the Days

Eric has a phrase he returns to often: counting the days. It is a discipline as much as a mindset, a refusal to let urgency become abstract, a commitment to treating time as the scarcest resource a company has.

"Everyone only has 24 hours in a day. We started counting the days to give ourselves a sense of the passage of time: to look back and ask what actually moved us forward. It became a built-in pacemaker, where everyone has permission to say no to one thing so they can say yes to what takes us forward." — Eric Glyman

We have seen this show up across every stage of our partnership. It shows up in product velocity, the pace at which Ramp has shipped new surfaces without accumulating the technical or cultural debt that typically slows companies at this scale. It shows up in how the team responds to customer feedback, how quickly experiments become products, and how rarely momentum stalls at the top. Many companies in this category have spent the last year defending a single product line. Ramp has spent it owning new ones. 

That velocity shows up in the numbers. In March 2026, Ramp's transaction volume grew roughly 170% year-over-year, its fastest rate since February 2023, despite the business being 20 times larger. We believe that is not a product of circumstance. It is the output of a team that has internalized urgency as a competitive advantage.

Building the Platform, Not the Product

In our view, the hardest thing in enterprise software is not building a great product. It is resisting the gravity of that product long enough to build a platform. Companies tend to optimize for what is working. Ramp has consistently chosen to pursue what is harder.

"We've expanded from corporate cards into a full financial operations platform, and half our customers now use two or more products across procurement, travel, treasury and accounting automations. "The market is still incredibly fragmented. It's common to see companies juggling 20 different finance tools, which creates inefficiency and manual work. The winners will be the businesses that embrace full financial operations automation rather than just adding more point solutions." — Eric Glyman

Ramp is building the AI lab for modern finance. Not a card with software around it, or a workflow tool with payments attached. A single, integrated system where every dollar a business spends and every hour a finance team works flows through one intelligent layer. Ramp's AI agents already live inside teams at Notion, Webflow, and Quora, approving expenses, flagging fraud, updating policies, and answering employee questions in real time. 

Ramp does not just build for finance teams operating in the age of AI. It operates as one. Inspect, the company's internal software factory, now writes two-thirds of Ramp's code. Glass gives non-engineers across the company a fully configured AI workspace to build the tools they need. The same compounding customers see in their P&L is happening inside Ramp itself.

And the market is opening up underneath them. AI spend is increasingly becoming a line item and helping companies manage it well is one of the largest opportunities a CFO faces today. A meaningful share of the spend powering today's most important AI companies already flows through Ramp. As agents become a new category of economic actor, we believe Ramp is positioned to be the financial layer they transact through.

That ambition extends beyond the US. This summer, Ramp will be available for companies headquartered in the UK and Europe. Stack, Ramp's AI operating system for accounting firms, opens a $150 billion market and marks the first time Ramp is building for finance teams outside the companies they advise. 

Each of these qualities, outcome orientation, urgency as discipline, and the willingness to keep building toward a harder vision, reflects something rare: a founding team whose values compound the same way their product does.

We believe the next generation of category leaders will be defined by founders who combine velocity with discipline, ambition with humility, and product depth with customer obsession. Eric, Karim, and the Ramp team exemplify that balance. We are grateful to keep building alongside them.