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Ramp

Corporate cards and spend-intelligence platform.

FintechUnited States·Founded 2019·ISO/NSO equity·ramp.com ↗
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Source-audited Jun 12, 2026
Reference estimate only
4 methods · Source-audited Jun 12, 2026Low confidence (34%)

The four valuation methods disagree significantly (25.3× spread). Treat this as a wide reference range only — not a reliable point estimate.

$32B
wide range · ~$28B – ~$44B
Implied per-share: $143.6 · vs last primary +12%

No verified public secondary-market signal available for Ramp. The estimate relies on last confirmed financing, peer multiples, sector momentum, and time decay.

Valuation basis:Last primary roundSource-audited Jun 12, 2026
Last primary round
$32B
Series E-3 · 8mo ago
Secondary signal
—
No verified secondary signal

No verified public secondary signal is available. Hiive/Forge links are monitoring links only, not evidence of a current executable price.

Headcount
1,200
employees · LinkedIn+33%

LinkedIn count — directional proxy only. Historical figure sourced via Wayback Machine; treat ±15% as normal variance.

Revenue (est.)
$350M
annual run rate · est.

Complete company data

Every input we use, where we got it from, and how much we trust it.

✓

Source verification: Bloomberg / TechCrunch Nov 2025 · $300M Series E-3 · manual-source-audit-2026-06

FieldValueConfidence
Company fundamentals
SectorFintechhigh
HeadquartersUnited Stateshigh
Founded2019high
Websiteramp.comhigh
Last primary round
Post-money valuation$32Bhigh
Round nameSeries E-3high
Date2025-11-17 (8 months ago)high
Lead investorLightspeed Venture Partnershigh
Amount raised$300Mmedium
Capitalization
Total fully-diluted shares250Mlow
Implied share price (illustrative only)~$144low
Primary equity type grantedISO/NSOhigh
Financials
Annual revenue (est.)$350Mmedium
EV / Revenue (implied)91.4xmedium
Headcount
Employees (now)1,200medium
Employees (12 months ago)900medium
12-month headcount growth+33%medium
Methodology inputs
Sector ETF proxyFINXmedium
ETF annual return (trailing 3-yr)12%medium

Funding history

Primary rounds reported in Bloomberg, WSJ, TechCrunch, Reuters, or SEC Form D filings (efts.sec.gov). Linked per round below.

Valuation progression (equity rounds)
Valuation progression · equity rounds
$32.0Blatest · Series E-3
Total growth
160×
Our estimate
$35.9B
$0.0B$10.6B$21.2B$31.8B$42.3BSeries ASeries BSeries CSeries DSeries D+latestSeries E-3est.Est.
Primary round
Down round
Our estimate
Series E-3+295%2025-11-17
$32.0B
Led by Lightspeed Venture Partners · raised $300M
Source: Ramp blog · confirmed by Bloomberg / TechCrunch Nov 2025 ↗
Series D++0%2024-01-22
$8.1B
Led by Khosla Ventures · raised $150M
Source: WSJ Jan 2024(historical ref.)
Series D+0%2022-03-31
$8.1B
Led by Goldman Sachs · raised $200M
Source: TechCrunch Mar 2022(historical ref.)
Series C+406%2021-08-03
$8.1B
Led by D1 Capital · raised $300M
Source: Forbes Aug 2021(historical ref.)
Series B+700%2021-02-16
$1.6B
Led by Coatue · raised $115M
Source: TechCrunch Feb 2021(historical ref.)
Series A2020-07-09
$0.2B
Led by Founders Fund · raised $30M
Source: TechCrunch Jul 2020(historical ref.)

Secondary market signals

Secondary market signals: bid/ask/trade indications from Hiive (hiive.com), Forge Global, Caplight Index, and tender prices reported in the press.

No active listings found

We monitor Hiive, Forge Global, and EquityZen for Ramp listings. As of July 2026, no verified secondary market activity has been recorded.

Secondary listings for private companies appear without announcement and typically close within days. When a listing appears, it often signals an upcoming tender offer or funding round.

Primary round history as valuation signal

In the absence of secondary market data, the funding history below is the primary valuation anchor. Method C (time-decay) uses this data to estimate current value.

Series E-3 · 2025-11$32B
Series D+ · 2024-01$8.1B
Series D · 2022-03$8.1B

Get notified when a listing appears

Pro subscribers get notified within 2 hours when a secondary listing for Ramp is detected. Most employees first hear about tender offers days after the market already knows.

Get listing alerts →

Check directly: Hiive ↗ · Forge Global ↗ · SEC Form D ↗

Public peer comparables

Public peer comparables: editorial selection of public companies with the closest business model. EV/Revenue and growth from public 10-Q filings and Bloomberg, refreshed quarterly.

TickerCompanyEV / Revenue
GPNGlobal Payments Inc.2.26x
MAMastercard Incorporated13.53x
MELIMercadoLibre, Inc.2.88x
NUNu Holdings Ltd.8.5x
VVisa Inc.15.36x

Confidence breakdown

How much we trust each of the four valuation methods for this specific company, and why.

Method A — Peer-multiple
weight 25%suppressed23% confidence
↳ Effectively excluded from the blend — this method is structurally unreliable for this company.
Growth-weighted peer EV/Revenue: 6.0x → 18% private-company discount → 4.9x on $350M revenue. Output implies less than half the recent market anchor ($32B) — this company is likely valued on optionality / non-revenue factors and Method A is structurally less reliable here.
Method B — Secondary-implied
weight 45%suppressed25% confidence
↳ Effectively excluded from the blend — this method is structurally unreliable for this company.
No verified secondary market data available — estimate relies on primary round, peer multiples, and sector momentum.
Method C — Primary time-decay
weight 20%→ $43.6B72% confidence
$32B round (2025-11-17) × 1.41× growth × 0.97× multiple decay over 0.6 years
Method D — Sector momentum
weight 10%→ $34.4B50% confidence
$32B × (1 + 12% p.j.)^0.6yr = $34.4B via FINX ETF-proxy
Overall confidence
34%
Weighted average of the four methods. Above 60% is high, 35–60% medium, below 35% low.
Low

Worked example for an employee

Illustrative mechanics only — this shows how the equity model works, not a reliable value estimate.

Illustrative mechanics only

This example shows equity mechanics only. It is not a reliable estimate of current value because model support is weak (confidence 34%, spread 25.3×).

Show illustrative values (not a reliable estimate) ▸
Profile: a hypothetical employee who joined Ramp 24 months ago (2024-07-10) with 2,000 options, on the standard 4-year vesting schedule with a 1-year cliff.
Vesting
1,000 of 2,000
50% vested at month 24
Implied share price (mid)
$144
weighted average of 4 methods — low confidence
Gross vested value
$143,552
vested shares × implied price
Net value
$143,552
no strike, gross = net
Tax (rough)
$27,495
US federal only · AMT risk: medium
What if the next round is…
Up round +30%
$162,276
New round at +30% valuation, 15% new shares issued
Down round −30%
$83,738
New round at −30% valuation, 20% new shares (higher dilution in distress)
Secondary today
$122,019
Sale on the secondary market at the typical 15% discount to the mid estimate
These illustrative values use the same calculation engine as the live calculator, but the underlying model is low-confidence for Ramp. Use your own numbers as a starting point only. Try the calculator →

Transparent assumptions

What we assumed where exact data isn't available. If any of these don't match your situation, the numbers above will be off.

Fully-diluted share count
250M shares
We don't have authoritative cap-table access for private companies. The number above is reconstructed from SEC Form D filings, secondary-market price-vs-valuation math, and leaked share-class summaries. Actual fully-diluted count (including unvested option pool and SAFEs) may differ by 5–15%.
Common-stock waterfall
1.0× to common
We assume a clean common-stock outcome — i.e. preferred-share liquidation preferences and ratchets do not extract value before common. In a down-exit, this assumption can be very wrong: preferred stack can take 30–70% of proceeds.
Private-company illiquidity discount
18% off public peers
Applied to Method A (peer-multiple). Per-company because category leaders with deep secondary markets and a clear IPO path warrant a smaller discount than early-stage names. The literature range is 10–35%; for Ramp we use 18% based on secondary-market depth, valuation history, and proximity to liquidity.
Revenue growth assumption (Method C)
70% YoY
Compounded forward from the last primary date to today to estimate the company's value drift. Set per-company based on disclosed or reported ARR trajectory. Method C is further capped at 1.3× the most recent secondary trade (if any) to stop runaway extrapolation when revenue growth outpaces what the market is actually paying.
Sector ETF momentum (Method D)
FINX @ 12%/year
Method D applies the trailing return of FINX as a market-proxy adjustment to the primary valuation. Crude — meant as a tiebreaker when peer and secondary data conflict, not as a primary signal.
Outlier auto-downweight
Methods >50% from median get ½ weight
Robust-statistics safety net: any method whose output strays more than 50% from the median of the other three methods has its confidence weight halved when computing the blended mid-point. Prevents a single bad extrapolation from dragging the headline.
Recency decay for secondary trades
180-day half-life (e⁻ᵈ/¹⁸⁰)
A trade from 30 days ago counts ~5× more than one from 180 days ago. Tunable; some platforms use shorter half-lives.
Tax estimate
US federal only, single filer
Uses 2024 US federal brackets, ignoring state tax, NIIT, AMT credit recovery, and any other deductions. Treat as a directional sanity check, not a tax bill.
All data from public sources. Not investment, tax, or legal advice. Not affiliated with Ramp. Last refreshed manually — see methodology for our update cadence.