Ramp — IC Memo Draft

2026-10-05 | Draft for partner edit; not investment advice

Interpretation. Subject resolved to Ramp (ramp.com), the corporate card and spend-management company founded in 2019. The terms and deck metrics supplied (Series B, $40M at $400M post, $28M ARR, 2,100 customers) do not match the public record for this entity (see Traction). The memo therefore tests the supplied terms and claims against public evidence, and computes returns on the stated terms as instructed. No default valuation was substituted. Template order requested: Summary, Team, Market, Product, Traction, Terms, Risks, Recommendation; the remaining required sections are placed inside that order.

Bottom line

Public sources describe Ramp as a roughly $44B company with over $1B of annualized revenue and 70,000+ customers, not a $28M-ARR, 2,100-customer Series B company. The single biggest open question is whether the deck and terms belong to a different company or to a pre-2021 snapshot of Ramp; nothing else in the memo can be relied on until that is resolved.

1. Summary and thesis

• Entity mismatch: Ramp announced a $750M Series F at a $44B valuation on June 4, 2026, with over $1B annualized revenue, positive free cash flow and 70,000+ customers (Ramp Series F release). Its actual Series B was $115M at $1.6B in April 2021 (CB Insights).
• Thesis, if the supplied terms were real (for partner to confirm): a fintech-infrastructure company expanding from cards into procurement, vendor management and accounting would fit the fund’s Series A/B fintech infrastructure focus (TechCrunch, Jun 2026). Fit against the 10x target is mathematically demanding: 3.75% initial ownership needs about a $4B exit before dilution (computed below).
• Price versus evidence: $400M post cannot be reconciled with any public Ramp round after 2021 ($1.6B at Series B). At the public $44B mark, a $15M check buys about 0.034% (computed), so the 10x bar would need an exit near $440B before dilution.

2. Team

Karim Atiyeh is Co-Founder and Co-CEO; his company profile lists a Harvard BA in electrical and computer engineering and an MS in computer science (Ramp author page). Ramp is headquartered in New York (28 West 23rd St per the same page) and was founded in 2019 (Series F release).

Eric Glyman’s professional history, executive bench, headcount and prior-company outcomes were not retrieved in this pass: not found. Turned into diligence questions below. No personal information is included.

3. Market size with method

Bottom-up inputs I could source: Ramp reports 70,000+ customers and about $200B annualized purchase volume (Series F release). Dividing over $1B of annualized revenue by 70,000 customers gives roughly $14K revenue per customer, and by $200B volume roughly 0.5%. Both are my arithmetic on company-reported figures (inference; the revenue and volume bases are both “annualized” and may not be measured over the same period).

Target-customer count not found. A proper bottom-up needs the count of US businesses by size band, spend per business and card/software penetration; no sourced inputs were gathered, so no TAM figure is asserted. Top-down cross-check only: CB Insights cites a corporate credit card market of $7.4B by 2030 at an 8.3% CAGR (CB Insights). That figure is smaller than Ramp’s own reported revenue run-rate, so it likely uses a narrower definition (interchange only, inference) and should not be used as a ceiling.

Scale context: Ramp’s customers with $100K+ ARR rose to 3,200+ by June 2026 from 2,200+ in November 2025 (Series F release; Nov 2025 release).

4. Product and differentiation

Public sources describe a spend platform that began with corporate cards (early rounds: $8M seed in Aug 2019, $15M in Feb 2020, $30M in Dec 2020 per TechCrunch, Dec 2020) and has added procurement, vendor management and accounting, with AI agents pitched as the growth story (TechCrunch, Jun 2026). This supports the founder-call note that Ramp is expanding into procurement; the expansion is already public and live rather than a future plan.

Named competitors in the press are Brex and Rippling (TechCrunch, Jun 2026). Brex was acquired by Capital One for $5.15B (TechCrunch, Jan 2026). Pricing page, changelog and card-issuer dependencies were not reviewed in depth; the Ramp profile page lists issuing banks Celtic, Column, Sutton and Lead (Ramp author page).

5. Traction

Deck figures are labelled company-reported and tested against public evidence below.

Inference: the deck metrics are about 3% of the public revenue figure ($28M vs over $1B) and 3% of customers (2,100 vs 70,000+). The ratio is consistent with a very early snapshot or a different company; it is not consistent with a current Ramp deck.

6. Competition and comps

Implied Ramp multiple: $44B over “over $1B” annualized revenue is at most about 44x (arithmetic; the revenue figure is a floor, and Bloomberg’s reported run-rate above $1.5B would imply roughly 29x). That compares with 1.9x for BILL and 7.9x for Navan, so public peers do not support a mark-to-comps bridge to Ramp’s private price.

7. Valuation and terms

As supplied: Series B, $40M raise at $400M post-money, fund leads with $15M. Arithmetic: new money is 10.0% of the company ($40M / $400M); the fund’s check buys 3.75% ($15M / $400M) before dilution.

Against public record: Ramp’s last public price is $44B (June 2026), 110x the supplied post-money; its actual Series B was $115M at $1.6B (April 2021). The proposed terms match no public round. Pricing must be re-confirmed with the company before any further work; Form D and cap table were not checked in this pass.

8. Return scenarios (on the stated $15M at $400M post)

Illustrative scenarios. Revenue paths, exit multiples, dilution and timing are my assumptions (estimate; not company-specific and not sourced), shown so the partner can change them. Ownership at exit = 3.75% x (1 - 40% cumulative dilution) = 2.25%.

Break-even to target: 10x requires $150M of proceeds, i.e. about $6.7B exit at 40% dilution, or $4.0B with no dilution (arithmetic). Even the bull case falls short of 10x. Exit multiples are anchored loosely on the public comps above (1.9x to 7.9x EV/Revenue). Sensitivity at the public mark: $15M at $44B buys about 0.034%; at 40% dilution, 10x needs about $440B / (1 - 0.40), roughly $733B exit (arithmetic).

9. Key risks with mitigants

10. Recommendation (points for partner to confirm)

• Do not advance on the supplied terms until the entity and data-room mismatch is explained; the evidence does not support the deck as a description of the current ramp.com company.
• If a real opportunity exists in a different or earlier-stage company, re-run this memo with that company’s own data; the returns table structure and break-even arithmetic can be reused.
• Fit with the fund’s Series A/B fintech infrastructure mandate: not met for Ramp at its public stage (Series F, $44B). Partner to confirm.

Diligence questions

1. Is the deck from ramp.com or another company? If Ramp, what date is the snapshot (the supplied figures fit no current period)?
2. Which legal entity is issuing the Series B, and what are the filed Form D amounts and date (not checked)?
3. How is ARR defined (revenue vs interchange vs software), and how does $28M reconcile to the public “over $1B annualized revenue”?
4. What is the cohort basis for 140% NDR, and what is gross retention?
5. What explains $1.8M monthly burn against a public statement of positive free cash flow?
6. What are the founders’ and executives’ prior roles and any prior company outcomes (not retrieved)?
7. What is the contractual position with issuing banks, and what happens on partner-bank change?
8. What does the July 2026 state attorney-general letter concern, and has Ramp responded?
9. What is the customer concentration and the revenue split between cards, procurement and accounting?

Do next

• Ask the sponsor to confirm entity, legal name and deck date in writing.
• Pull SEC EDGAR Form D filings for Ramp and compare to the supplied terms.
• Read the Series F release and the Nov 2025 release in full against the deck line by line.
• Review the state AG letter and run litigation and sanctions checks.
• Build the bottom-up TAM with sourced customer counts and spend per customer.

Coverage note

Not reached or not done: Crunchbase/PitchBook (not used), SEC EDGAR Form D, Ramp pricing page and changelog, G2/Capterra, hiring data, litigation and sanctions databases, Glyman background, Rippling valuation, the April 2026 procurement-agents release, and the July 2026 state AG letter (listed in search results only). Value Sense multiples are third-party aggregates; pages did not state an update time beyond the quarter noted.

Sources

• Ramp raises Series F at $44 billion valuation (PR Newswire), Jun 4 2026
• TechCrunch: Ramp raises $750M at $44B valuation, Jun 4 2026
• Ramp reaches $32 billion valuation (PR Newswire), Nov 17 2025
• TechCrunch: Capital One acquires Brex, Jan 22 2026
• TechCrunch: Ramp raises $30M, Dec 17 2020
• CB Insights: Ramp Series B funding, accessed Oct 5 2026
• Ramp: Karim Atiyeh author page, accessed Oct 5 2026
• Value Sense: BILL EV/Revenue, accessed Oct 5 2026
• Value Sense: Navan EV/Revenue, accessed Oct 5 2026