Ramp Says It Has Hit $1b In Annualized Revenue

In Brief

On Tuesday, Ramp answered immoderate lingering questions arsenic to why investors precocious weighted nan disbursal guidance startup astatine $22.5 billion, conscionable 45 days aft a erstwhile backing information weighted it astatine $16 billion: nan company says it has achieved $1 cardinal successful annualized revenue.

Annualized gross refers to a company’s existent gross complaint projected complete a afloat year. In March, co-founder and CEO Eric Glyman told TechCrunch that Ramp had deed annualized gross of $700 million. That’s $300 cardinal of gross maturation successful astir six months.

Ramp, which provides firm disbursal guidance and financial package tools, raised $500 cardinal successful nan $22.5 billion-valuation information successful July, led by Iconiq Growth pinch information from Founders Fund and D1 Capital Partners. Ramp has now raised $1.9 cardinal successful full funding. When Glyman talked pinch TC earlier this year, he said nan institution was cash-flow positive, too.

Next up, Ramp is moving connected AI agent-led “autonomous finance” — automated financial guidance systems — that Glyman predicts will beryllium nan norm by 2028. The institution precocious launched its first AI agent and has plans to motorboat more.

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