Ramp, a New York-based fintech startup, has told potential investors it is on track to reach a $1.4 billion in annual recurring revenue this quarter as it prepares for a potential IPO, according to people familiar with the matter. That is up sharply from the $1 billion in Ramp’s annualized revenue— the revenue a company expects to collect over a year — in September.
The company did not respond to a request for comment.
Founded in 2019, Ramp sells a suite of financial tools centered on its corporate charge card, along with software for expense management, bill pay, and procurement. Its core pitch is that it helps companies spend less and operate more efficiently.
Run rate typically extrapolates recent revenue, often from a single month or quarter, over a full year. For a company like Ramp, whose business includes transaction-based revenue tied to customer spending, that figure can fluctuate with usage and may not reflect fully predictable revenue.
Ramp also said it is growing its customer base by about 70% year over year and expects to generate roughly $125 million in free cash flow this year, the company has been telling investors.
Additionally, Ramp stated its plans to be IPO-ready by the end of the year and is building the financial reporting and compliance infrastructure required of a public company. That does not mean it will actually go public this year, but it is preparing the company for that opportunity.
Only 30% of traders on Kalshi, a prediction marketplace, are betting the company will go public before May of 2027.
Ramp’s surging revenue has piqued VCs’ interest as the company nearly tripled its valuation in a matter of months in 2025.
Starting the year with a $13 billion valuation, Ramp closed three rapid-fire equity rounds between June and November of 2025, jumping to $16 billion, then $22.5 billion, and finally peaking at a $32 billion valuation in a round led by Lightspeed Venture Partners. Other investors include Founders Fund, Khosla Ventures, General Catalyst, Iconiq Capital, and 1789 Capital.
That valuation represents a sharp rebound from the fintech downturn, when Ramp raised a so-called down round of $5.8 billion in 2023.
Geoff Charles, chief product officer of Ramp, made headlines earlier this year when he said that all employees are expected to be AI-native.
“If you’re not using Claude code this year, no matter what your role is, you’re probably underperforming compared to others in the company,” he said on a podcast.
“The people who are still in L0, they will most likely not be at the company,” he added, referring to level zero.
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