Brex vs Ramp: Revenue, Profit and Business Model
Brex reported $700M of revenue in FY2025 and — of net income. Ramp reported $1B of revenue in FY2025 and — of net income.
Latest financial snapshot
Financial summary
Brex
Brex never published audited results as a private company. Sacra estimates annualized revenue slowed to $312 million in 2022, growing 30%, while the company was reportedly burning about $22 million a month. After the January 2024 restructuring, growth picked up: Brex said in February 2025 that enterprise revenue rose 80% with net revenue retention near 140%, and Sacra estimates total annualized revenue reached $700 million in August 2025, up 50%. Brex turned operating-cash-flow positive for the first time in October 2025, according to Sacra. Before the sale it raised about $2.3 billion in equity. Capital One paid $5.15 billion, roughly 58% below the $12.3 billion valuation of 2021.
Ramp
Ramp is private and does not publish audited financials, so its numbers come from company statements and press reports. It reached $100 million in annualized revenue by early 2022, about $300 million in 2024 and $1 billion by August-September 2025. In June 2026 CEO Eric Glyman said Ramp was free-cash-flow positive and that total payment volume grew about 170% year over year in March 2026. Bloomberg reported annualized revenue above $1.5 billion around the June 2026 raise; Ramp itself only confirmed 'more than $1 billion'. It has raised more than $3 billion in equity to date.
Revenue and profit by year
Brex
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $700M | — | 0.0% | — | Source |
| FY2022 | $312M | — | 0.0% | — | Source |
Ramp
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1B | — | 0.0% | +233.3% | Source |
| FY2024 | $300M | — | 0.0% | — | Source |
| FY2022 | $100M | — | 0.0% | — | Source |
Where the revenue comes from
Brex
- Card interchange
Majority (undisclosed)
Fees paid by merchants' banks when customers use Brex corporate cards. Sacra estimates gross take of about 2.7% of card volume before partner costs.
- Software subscriptions
Growing share (undisclosed)
Brex Premium at $12 per user per month, plus enterprise contracts for spend management, approvals, travel and accounting automation.
- Cash management and payments
Undisclosed
Fees from partner banks and funds that hold customer cash in Brex Business Accounts, and transaction revenue from bill pay.
Ramp
- Card interchange
Majority (not disclosed)
Fees paid by merchants when customers spend on Ramp physical and virtual cards, net of cash back returned to customers.
- Software subscriptions (Ramp Plus)
Not disclosed
Per-user fees for advanced controls, multi-entity accounting, procurement and other premium features.
- Payments, treasury and financing
Not disclosed
Bill pay and international payment fees, treasury yield and working-capital products.
Business model and strategy
Brex
How it makes money
Brex makes most of its money from interchange, the fee a merchant's bank pays each time a Brex card is used. Sacra estimates Brex collects about 2.7% of card volume as gross revenue and keeps roughly 65% gross margin after paying its issuing and network partners.
Growth strategy
Brex's growth since 2024 has come from enterprise customers, international companies and partners. It serves more than 300 public companies, holds an EU payment institution licence obtained in August 2025, and distributes its cards through other software: Brex Embedded partners include Navan, Zip, Coupa and Sabre, and Brex is the default commercial card for Fifth Third Bank's commercial clients, according to Sacra.
Competitive advantage
Brex's main technical advantage is its own card-issuing stack. It integrated directly with Mastercard rather than relying on a third-party processor, which lets it issue local corporate cards, settle in local currency and reimburse employees in more than 50 countries. That matters to multinational customers such as Anthropic, Arm and Robinhood.
Ramp
How it makes money
Ramp runs a card-led software model. Its corporate cards are free to use, and Ramp earns interchange, the fee merchants pay on each card transaction, while returning part of it to customers as cash back. On top of the card it sells Ramp Plus, a paid per-user software tier with advanced controls, multi-entity accounting and procurement features.
Growth strategy
Ramp's growth plan has three parts: move upmarket from startups to mid-market and large enterprises; add products that capture more of a company's outgoing money (bill pay, procurement, travel, treasury); and use AI agents to automate finance work such as expense review and policy enforcement. The 2026 Series F was tied explicitly to building tools for controlling AI spend.
Competitive advantage
Ramp's edge is software speed and incentive alignment. It ships expense, AP, procurement and AI agent features quickly and bundles them with a free card, so a finance team can replace a card issuer, an expense tool and an AP tool with one system.
Questions about Brex vs Ramp
Which company has higher revenue — Brex Inc. or Ramp Business Corporation?
Brex Inc. reported $700.0M (FY2025), while Ramp Business Corporation reported $1.0B (FY2025). By last reported revenue, Ramp Business Corporation is the larger business, with Brex Inc. reporting a smaller revenue base.
Which is more financially efficient — Brex Inc. or Ramp Business Corporation?
Brex Inc. generates $636k / employee in revenue per employee, while Ramp Business Corporation generates $833k / employee. Ramp Business Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Brex Inc. and Ramp Business Corporation make money?
Brex Inc. and Ramp Business Corporation generate revenue in fundamentally different ways. Brex Inc.: Brex makes most of its money from interchange, the fee a merchant's bank pays each time a Brex card is used. Ramp Business Corporation: Ramp runs a card-led software model.
Is Brex Inc. bigger than Ramp Business Corporation?
By last reported revenue, Ramp Business Corporation ($1.0B (FY2025)) is the larger company compared to Brex Inc. ($700.0M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Brex vs Ramp overview