Ramp vs Rippling: Revenue, Profit and Business Model
Ramp reported $1B of revenue in FY2025 and — of net income. Rippling reported $1B of revenue in FY2026 and — 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.
Rippling
Rippling is private and does not publish audited financials. Sacra estimates annualized revenue of about $850 million at the end of 2025 and $1 billion by March 2026. CNBC reported that Rippling crossed $1 billion in ARR in 2025. In April 2026 Parker Conrad said revenue was growing 78% year over year, and that growth had sped up for three straight quarters. Rippling has raised about $1.8 billion in equity, most recently a $450 million Series G in May 2025 at a $16.8 billion valuation, along with a $200 million employee tender offer.
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 |
Rippling
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $1B | — | 0.0% | +17.6% | Source |
| FY2025 | $850M | — | 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.
Rippling
- HR and payroll subscriptions
Per-employee monthly fees for payroll, benefits administration, time tracking and recruiting.
- IT subscriptions
Fees for app provisioning, single sign-on, password management and device management.
- Finance and global products
Spend management, bill pay, card interchange, plus employer-of-record and global payroll fees.
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.
Rippling
How it makes money
Rippling sells subscription software, mostly priced per employee per month. Customers start with a core platform (the employee record, org chart and permissions) and add modules: payroll, benefits, time tracking and recruiting in HR; app provisioning, single sign-on and device management in IT; corporate cards, expenses and bill pay in finance; and employer-of-record and global payroll for staff abroad.
Growth strategy
Rippling grows by adding products to the same platform and selling them to existing customers, a strategy Conrad calls the 'compound startup'. Its current focus is on Rippling AI, which turns plain-language requests into actions across HR, IT and finance, on global payroll and employer-of-record services for companies hiring abroad, and on moving upmarket to larger employers.
Competitive advantage
Rippling built its HR, IT and finance products itself instead of buying them, so they all run on one data model. When an employee is hired, promoted or let go, that one change can update payroll, software access, the laptop and the card limit automatically. Competitors that grew through acquisitions or that only do one of these things usually need integrations to do the same work.
Questions about Ramp vs Rippling
Which company has higher revenue — Ramp Business Corporation or Rippling (People Center, Inc.)?
Ramp Business Corporation reported $1.0B (FY2025), while Rippling (People Center, Inc.) reported $1.0B (FY2026). By last reported revenue, Ramp Business Corporation is the larger business, with Rippling (People Center, Inc.) reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
Which is more financially efficient — Ramp Business Corporation or Rippling (People Center, Inc.)?
Ramp Business Corporation generates $833k / employee in revenue per employee. A comparable figure for Rippling (People Center, Inc.) requires matching employee and revenue data from the same reporting period.
How do Ramp Business Corporation and Rippling (People Center, Inc.) make money?
Ramp Business Corporation and Rippling (People Center, Inc.) generate revenue in fundamentally different ways. Ramp Business Corporation: Ramp runs a card-led software model. Rippling (People Center, Inc.): Rippling sells subscription software, mostly priced per employee per month.
Is Ramp Business Corporation bigger than Rippling (People Center, Inc.)?
By last reported revenue, Ramp Business Corporation ($1.0B (FY2025)) is the larger company compared to Rippling (People Center, Inc.) ($1.0B (FY2026)). 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 Rippling overview