TBPN · Oct 16, 2026
With Eric Glyman, Co-Founder and Co-CEO of Ramp · Christian Jensen, Partner and Co-Head of Private Investments at Dragoneer Investment Group
Ramp crossed $2B in annualized revenue for the first time this summer, and it is growing faster now than it was a year ago.
Eric Glyman, Co-Founder and Co-CEO of Ramp, came on TBPN to announce a $1.85B raise. Most software companies slow down as they get bigger. Eric said Ramp's growth rate went up by more than 25% from a year earlier.
"In a way, software became money."
Eric built Ramp from a corporate card into about a dozen finance products, and he now sees AI spending as the next category companies will need to control. Dragoneer's Christian Jensen, who led the round, followed him onto the show to explain why his firm paid up.
The full interview is covered here so you can skip it.
Here are the 5 arguments that matter.
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Key Takeaways
Ramp passed $2B in annualized revenue, growing north of 100% a year
Growth is running more than 25% faster than a year earlier
Usage-based AI pricing gave software a marginal cost for the first time
AI spend is a third way to buy work, next to hiring people and hiring vendors
Ramp wants to tie every AI dollar to what it returns, which it calls "return on intelligence"
A Ramp study found companies that spend more on AI grow faster
Dragoneer backed a market that could grow by "several ramps" a year without Ramp taking share
1. $2B Revenue, Speeding Up
Eric opened with the raise and the revenue behind it. Ramp's growth is coming from two places: the core card and expense business, where AI-driven automation is lifting conversion and savings, and a widening set of products like banking, treasury, bill pay and the newly launched Router and Glass.
Ramp's growth rate rose even as it passed $2B in annualized revenue
"For the first time over the summer, we passed more than $2,000,000,000 a year in annualized revenue. It's growing north of 100% per year, and... we're growing more than 25% faster than we were this time last year." — Eric Glyman
The newer products are increasingly the first thing a customer buys from Ramp, rather than an add-on sold after the card. That changes how Ramp wins customers, since it can now enter a company through banking or bill pay.
