Ramp vs Revolut: Revenue, Profit and Business Model
Ramp reported $1B of revenue in FY2025 and — of net income. Revolut reported ~$5.9B of revenue in FY2025 and ~$1.7B of net income.
Latest financial snapshot
Financial summary
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.
Revolut
Revolut's growth has compounded quickly. Revenue rose from ~$1.22 billion (£923 million) in 2022 to ~$2.38 billion (£1.8 billion) in 2023, ~$4.09 billion (£3.1 billion) in 2024 and ~$5.94 billion (£4.5 billion) in 2025. Profit before tax went from ~$578 million (£438 million) (2023) to about $1.45 billion (£1.1 billion) (2024) and ~$2.24 billion (£1.7 billion) (2025), with net profit of about $1.72 billion (£1.3 billion) in 2025. Interest income grew only 23% in 2025, slower than other lines, while subscriptions rose 67% and cards 45%, so the mix is moving away from rate-driven income.
Revenue and profit by year
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
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.
Revolut
- Card payments~22%
About $1.32B (£1.0B) in 2025 (+45%) from interchange and payment fees.
- Interest income~22%
~$1.29B (£974M) in 2025 (+23%) from customer balances and lending.
- Subscriptions~16%
~$935M (£708M) in 2025 (+67%) from Plus, Premium, Metal and Ultra plans.
- Wealth~15%
~$875M (£663M) in 2025 (+31%) from stock, crypto and commodity trading.
- Foreign exchange~13%
~$800M (£606M) in 2025 (+43%) from currency exchange.
Business model and strategy
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.
Revolut
How it makes money
Revolut runs a freemium model. The Standard account is free; paid plans (Plus, Premium, Metal and Ultra, roughly £3.99 to £55 a month in the UK) add higher limits, insurance and travel perks. Revenue comes from several roughly balanced streams.
Growth strategy
Revolut grows by entering new countries with a core multi-currency account, then adding local licences, credit and wealth products. Its September 2025 plan committed $13 billion over five years, including about $4 billion in the UK, and aimed at 100 million customers by mid-2027. In 2026 it is focused on UK lending after the full licence, a US bank charter, Latin America (Mexico, Colombia, Peru) and India.
Competitive advantage
Revolut's edge is product breadth delivered on in-house technology at low cost. One app covers spending, FX in 30+ currencies, savings, investing, crypto, credit and business banking, so customers can consolidate several providers.
Questions about Ramp vs Revolut
Which company has higher revenue — Ramp Business Corporation or Revolut Ltd?
Ramp Business Corporation reported $1.0B (FY2025), while Revolut Ltd reported ~$5.9B (FY2025). By last reported revenue, Revolut Ltd is the larger business, with Ramp Business Corporation reporting a smaller revenue base.
Which is more financially efficient — Ramp Business Corporation or Revolut Ltd?
Ramp Business Corporation generates $833k / employee in revenue per employee, while Revolut Ltd generates $495k / 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 Ramp Business Corporation and Revolut Ltd make money?
Ramp Business Corporation and Revolut Ltd generate revenue in fundamentally different ways. Ramp Business Corporation: Ramp runs a card-led software model. Revolut Ltd: Revolut runs a freemium model.
Is Ramp Business Corporation bigger than Revolut Ltd?
By last reported revenue, Revolut Ltd (~$5.9B (FY2025)) is the larger company compared to Ramp Business Corporation ($1.0B (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 Ramp vs Revolut overview