# Ramp: Digital payments transformation

Source: https://www.bankingnewsai.com/fintech/ramp/digital-payments-transformation
Last updated: Oct 19, 2026

*Part of the [Ramp AI strategy profile](https://www.bankingnewsai.com/fintech/ramp).*

## What is Ramp's role in the digital payments transformation?

Ramp moves company spending from paper invoices, wires and reimbursements onto corporate cards and software-controlled payments, without a bank charter of its own. On October 15, 2026 it said more than 85,000 companies manage over $275 billion in annualized purchase volume on Ramp, up 175% year over year; as of August 31, 2025 the figure was $100 billion. Ramp's purchase volume excludes bank transfers and non-monetized payments. TechCrunch reported in March 2025 that Ramp primarily makes money from interchange fees on card swipes and transaction fees on bill payments, and CEO Eric Glyman put Ramp at between 1-2% of the U.S. card market. Bill Pay is where cards replace invoices: Ramp said in October 2025 that Bill Pay payment volume had tripled and its agents enter card details into vendor payment portals. The cards run on Stripe Issuing, which Stripe says has provided more than 2 million virtual and physical cards, and on a renewed multi-year Visa issuing agreement (March 2026). In July 2026 Ramp added stablecoin accounts and stablecoin bill payments; more than 1,000 businesses pay vendors in stablecoins on Ramp, and more than 70% of that volume moves outside banking hours. Abroad, nearly half of Ramp customers transact internationally every week; Ramp bought the UK- and Sweden-licensed Billhop in March 2026 and launched in the UK on September 15, 2026. AI enters at the point of payment: a transformer-based fraud model scores every Ramp card authorization. ([Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-1-billion-in-annualized-revenue-302550637.html), [TechCrunch](https://techcrunch.com/2025/03/03/ramp-has-more-than-doubled-its-annualized-revenue-to-700-million/), [Ramp](https://ramp.com/blog/ramp-ap-agents-announcement), [Stripe](https://stripe.com/customers/ramp), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-and-visa-deepen-partnership-to-power-the-next-era-of-autonomous-finance-302728894.html), [Ramp](https://ramp.com/blog/introducing-stablecoins), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-acquires-billhop-to-expand-access-for-uk-and-european-customers-302712928.html), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-launches-in-the-uk-302878539.html), [Ramp Engineering](https://engineering.ramp.com/post/sequence-aware-card-fraud))

## How much spending runs through Ramp, and how fast is it growing?

Ramp is private and does not file accounts; these are Ramp's own figures from its press releases, with the date each refers to. Ramp does not include bank transfers or non-monetized payments in purchase volume.

| Metric | Value | Period | Sources |
| --- | --- | --- | --- |
| Annualized purchase volume | $100 billion, with Bill Pay more than tripling year over year | As of August 31, 2025 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-1-billion-in-annualized-revenue-302550637.html) |
| Annualized purchase volume | $200 billion | As of June 1, 2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-raises-series-f-at-44-billion-valuation-302791103.html) |
| Annualized purchase volume | Over $275 billion, up 175% year over year | As of October 1, 2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html) |
| Customers | 45,000 (August 31, 2025); 70,000+ (June 1, 2026); 85,000+ (October 1, 2026) | 2025–2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-1-billion-in-annualized-revenue-302550637.html), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-raises-series-f-at-44-billion-valuation-302791103.html), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html) |
| Annualized revenue | $700 million (January 2025, per a source cited by TechCrunch); surpassed $1 billion (August 31, 2025); over $2 billion, including interchange, subscription, interest and other revenue (October 1, 2026) | 2025–2026 | [TechCrunch](https://techcrunch.com/2025/03/03/ramp-has-more-than-doubled-its-annualized-revenue-to-700-million/), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-1-billion-in-annualized-revenue-302550637.html), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html) |
| Share of the U.S. card market | "Between 1-2%", per CEO Eric Glyman | March 2025 | [TechCrunch](https://techcrunch.com/2025/03/03/ramp-has-more-than-doubled-its-annualized-revenue-to-700-million/) |
| Enterprise customers | 1,700 customers contributing $100,000 or more in annualized revenue (August 2025); a 113% year-over-year increase in customers generating over $100,000 in revenue (October 2026) | 2025–2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-1-billion-in-annualized-revenue-302550637.html), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html) |
| Cards issued on Stripe | More than 2 million virtual and physical cards to more than 50,000 businesses | Undated page, retrieved October 19, 2026 | [Stripe](https://stripe.com/customers/ramp) |
| Ramp Treasury balances | Over $1.5 billion in assets under management since the January 2025 launch | As of August 31, 2025 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-1-billion-in-annualized-revenue-302550637.html) |
| Median customer savings | 7.5%, up from 5% a year earlier | October 2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html) |

## Which rails and form factors does Ramp run on?

| Rail | Ramp's role | Date | Sources |
| --- | --- | --- | --- |
| Corporate cards (Stripe Issuing) | Stripe has powered Ramp's card issuing since shortly after its early-2020 launch; UK and EEA programs launched in 2023, with issuing in the US, the UK, Ireland, the Netherlands, Spain, Germany, France and Italy, and Sweden and Poland planned | Undated page, retrieved October 19, 2026 | [Stripe](https://stripe.com/customers/ramp) |
| Corporate cards (Visa) | Renewed multi-year issuing agreement with Visa; Visa supports Ramp's corporate card for UK businesses | March 31, 2026; September 15, 2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-and-visa-deepen-partnership-to-power-the-next-era-of-autonomous-finance-302728894.html), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-launches-in-the-uk-302878539.html) |
| Bill Pay | Bill Pay payment volume tripled and customer count doubled year over year, per Ramp; AP agents enter card details into vendor payment portals for bills that accept card | October 7, 2025 | [Ramp](https://ramp.com/blog/ramp-ap-agents-announcement) |
| Business account and same-day payments | Ramp Treasury launched with a business account earning 2.5% and unlimited, free same-day payments; bank deposit services provided by First Internet Bank of Indiana | January 22, 2025 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-launches-ramp-treasury-cash-management-that-maximizes-every-dollar-with-minimal-effort-302357161.html) |
| Stablecoin-backed cards | Expanded Stripe issuing partnership to launch stablecoin-backed corporate cards, starting with select Latin American markets | May 7, 2025 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-and-stripe-deepen-partnership-to-accelerate-global-commerce-through-stablecoin-backed-cards-302449212.html) |
| Stablecoin accounts and payments | Hold USD stablecoins and send USDC or USDT to wallets in 140+ countries, or convert and pay in 40+ currencies through local rails; stablecoins also a Bill Pay method funded from a bank account; custody by Bridge | July 21, 2026 | [Ramp](https://ramp.com/blog/introducing-stablecoins) |
| Stripe stablecoin stack | Stripe's Bridge converts the dollars and sends stablecoins to the recipient's wallet; Stripe's Privy stores balances as dollar-denominated stablecoins | Undated page, retrieved October 19, 2026 | [Stripe](https://stripe.com/newsroom/news/ramp-and-stripe) |
| Pay-by-card for non-card suppliers (Billhop) | Acquired Billhop, a Stockholm- and London-based payments platform licensed in the UK and Sweden that lets businesses pay invoices by card even where suppliers do not accept cards | March 13, 2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-acquires-billhop-to-expand-access-for-uk-and-european-customers-302712928.html) |
| Agent payments | Ramp Agent Cards, tokenized through Visa Intelligent Commerce, in early access | April 28, 2026 | [Ramp](https://ramp.com/blog/virtual-cards-for-ai-agents) |

## How far does Ramp's payment network reach outside the US?

| Item | What Ramp reports | Date | Sources |
| --- | --- | --- | --- |
| International activity | Nearly half of Ramp customers transact internationally across more than 180 countries every week | March 13, 2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-acquires-billhop-to-expand-access-for-uk-and-european-customers-302712928.html) |
| Local currency cards and payments | Canada, Australia, Japan, Mexico and Singapore | March 13, 2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-acquires-billhop-to-expand-access-for-uk-and-european-customers-302712928.html) |
| UK and EU | Billhop deal brings Ramp's first international offices, in London and Stockholm, and onboarding of UK- and EU-headquartered businesses from summer 2026 | March 13, 2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-acquires-billhop-to-expand-access-for-uk-and-european-customers-302712928.html) |
| UK launch | UK companies can use Ramp with local payments infrastructure; UK companies have been onboarding since the summer; ElevenLabs runs bill pay, cards and token spend management on Ramp | September 15, 2026 | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-launches-in-the-uk-302878539.html) |

## Where does AI come into Ramp's payments shift, and what is not disclosed?

AI sits at the point of payment. Ramp's card fraud model runs on every card authorization while the cardholder is still at checkout, and AP agents both flag suspicious invoices and move eligible bills onto cards by entering card details in vendor portals. The AI products are on the companion page. ([Ramp Engineering](https://engineering.ramp.com/post/sequence-aware-card-fraud), [Ramp](https://ramp.com/blog/ramp-ap-agents-announcement))

Stablecoins are Ramp's answer to slow cross-border bank transfers: Ramp says more than 1,000 businesses already pay vendors in stablecoins on Ramp and more than 70% of that payment volume moves outside traditional banking hours. One beta customer found stablecoin payments were roughly 10% of its vendor payments but 50% of its accounts payable time, per Stripe. ([Ramp](https://ramp.com/blog/introducing-stablecoins), [Stripe](https://stripe.com/newsroom/news/ramp-and-stripe))

What is not disclosed: Ramp's total payments including bank transfers (purchase volume excludes them), Bill Pay and stablecoin dollar volumes, the split between card and non-card payments, its take rate, and customer counts in the UK and EU. All figures are Ramp's own; as a private company it publishes no audited accounts. ([Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html), [Ramp](https://ramp.com/blog/introducing-stablecoins), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-launches-in-the-uk-302878539.html))

## What does the Ramp profile record on this topic?

| Date | Move | Detail | Sources |
| --- | --- | --- | --- |
| Oct 15, 2026 | $1.85 billion at a $60 billion valuation | Co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth, four months after the $44 billion round; Ramp said annualized revenue had crossed $2 billion, customers reached 85,000 (from 70,000 in June) and annualized purchase volume over $275 billion, up 175% year on year. | [TechCrunch](https://techcrunch.com/2026/10/15/ramp-reaches-60b-valuation-as-it-pushes-deeper-into-ai), [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-reaches-60-billion-valuation-as-annualized-revenue-tops-2-billion-302909315.html) |
| Sep 22, 2026 | Accounts Receivable launches with three AI agents | Ramp introduced an Accounts Receivable product built on three AI agents: one drafts an invoice from an uploaded contract or purchase order for Finance to review; one prepares the next collections reminder from payment status, customer history and the company's collections policy, which Finance reviews and sends; and one matches incoming payments to open invoices and flags exceptions. Ramp reported a median time to payment of 36 hours from invoice sent to fully paid, and said internal testing showed billing schedules created up to 2.3x faster than with legacy software, both as of September 2026. | [Ramp](https://ramp.com/blog/introducing-accounts-receivable) |
| Jun 4, 2026 | $750 million Series F at a $44 billion valuation | Led by ICONIQ, GIC and Ontario Teachers'; Ramp reported over $1 billion in annualized revenue with positive free cash flow, 70,000+ customers, and said its Inspect agent writes more than two-thirds of its code. | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-raises-series-f-at-44-billion-valuation-302791103.html), [CNBC](https://www.cnbc.com/2026/06/04/ramp-valuation-funding-ai-spend.html) |
| Mar 31, 2026 | Visa partnership extended to agentic bill pay | A renewed multi-year issuing agreement and work with Visa Intelligent Commerce and the Visa Trusted Agent Protocol to introduce AI agents that automate corporate bill pay. | [Ramp via PR Newswire](https://www.prnewswire.com/news-releases/ramp-and-visa-deepen-partnership-to-power-the-next-era-of-autonomous-finance-302728894.html) |
| Sep 9, 2025 | $1 billion in annualized revenue | Up from $700 million in March 2025, according to Ramp; TechCrunch noted Ramp had recently launched its first AI agent and planned more. | [TechCrunch](https://techcrunch.com/2025/09/09/ramp-says-it-has-hit-1b-in-annualized-revenue/) |
| Jul 30, 2025 | $500 million at a $22.5 billion valuation | Raised 45 days after a $16 billion round; Glyman laid out a vision of agent-led 'autonomous finance' he predicts will be the norm by 2028. | [TechCrunch](https://techcrunch.com/2025/07/30/ramp-hits-22-5b-valuation-just-45-days-after-reaching-16b/) |

## Common questions

### How much purchase volume does Ramp process?

Ramp said on October 15, 2026 that more than 85,000 companies manage over $275 billion in annualized purchase volume on its platform, up 175% year over year. It reported $100 billion as of August 31, 2025 and $200 billion as of June 1, 2026. Ramp excludes bank transfers and non-monetized payments from the figure.

### How does Ramp make money from payments?

TechCrunch reported in March 2025 that Ramp primarily makes money from interchange fees on every swipe of a Ramp card and from transaction fees on bill payments, plus subscription revenue, foreign exchange and travel affiliate fees. Ramp's October 2026 revenue figure includes interchange, subscription, interest and other revenue.

### Does Ramp support stablecoin payments?

Yes. Since July 2026 Ramp customers can open a stablecoin account, held in custody by Bridge, and pay vendors in USDC or USDT, including from a bank account without holding stablecoins. Ramp says more than 1,000 businesses pay vendors in stablecoins on Ramp and over 70% of that volume moves outside banking hours.

### What infrastructure do Ramp cards run on?

Ramp is not a bank. Stripe Issuing has powered its card program since shortly after its 2020 launch, including UK and EEA programs since 2023, and Ramp renewed a multi-year issuing agreement with Visa in March 2026. Visa also supports Ramp's corporate card for UK businesses, launched September 15, 2026.

### Is Ramp available outside the US?

Ramp launched in the UK on September 15, 2026, after buying Billhop, a payments firm licensed in the UK and Sweden, in March 2026. Before that it served US-headquartered companies abroad: nearly half of its customers transact internationally every week, with local currency cards and payments in Canada, Australia, Japan, Mexico and Singapore.
## Deeper on Ramp

- [How does Ramp use AI across its payment ecosystem?](https://www.bankingnewsai.com/fintech/ramp/payment-ecosystem-ai)

## Same question, other companies

- [Revolut: digital payments transformation](https://www.bankingnewsai.com/fintech/revolut/digital-payments-transformation)
- [Chime: digital payments transformation](https://www.bankingnewsai.com/fintech/chime/digital-payments-transformation)
- [Affirm: digital payments transformation](https://www.bankingnewsai.com/fintech/affirm/digital-payments-transformation)
- [Klarna: digital payments transformation](https://www.bankingnewsai.com/fintech/klarna/digital-payments-transformation)
- [PayPal: digital payments transformation](https://www.bankingnewsai.com/fintech/paypal/digital-payments-transformation)
- [Block: digital payments transformation](https://www.bankingnewsai.com/fintech/block/digital-payments-transformation)
- [Stripe: digital payments transformation](https://www.bankingnewsai.com/fintech/stripe/digital-payments-transformation)
- [Adyen: digital payments transformation](https://www.bankingnewsai.com/fintech/adyen/digital-payments-transformation)
- [Visa: digital payments transformation](https://www.bankingnewsai.com/fintech/visa/digital-payments-transformation)
- [Mastercard: digital payments transformation](https://www.bankingnewsai.com/fintech/mastercard/digital-payments-transformation)
- [Plaid: digital payments transformation](https://www.bankingnewsai.com/fintech/plaid/digital-payments-transformation)
- [Amex: What is American Express's role in the digital payments transformation?](https://www.bankingnewsai.com/banks/american-express/digital-payments-transformation)


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