Ramp vs Stripe: Revenue, Profit and Business Model
Ramp reported $1B of revenue in FY2025 and — of net income. Stripe reported $6.8B of revenue in FY2025 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.
Stripe
Stripe does not publish audited financials. Reported figures put net revenue (after card network and bank costs) at about $5.1 billion in 2024 and $6.8 billion in 2025, roughly 33% growth, while total volume rose from $1.4 trillion to $1.9 trillion. Stripe has said it is robustly profitable. Its private valuation fell to $50 billion in a 2023 funding round, recovered to $91.5 billion in a 2025 tender, and reached $159 billion in a February 2026 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 |
Stripe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.8B | — | 0.0% | +33.3% | Source |
| FY2024 | $5.1B | — | 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.
Stripe
- Payment processing fees
- Connect platform fees
- Billing and invoicing
- Tax automation
- Fraud prevention through Radar
- Issuing and Treasury
- Terminal and in-person payments
- Stablecoin and money movement infrastructure
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.
Stripe
How it makes money
Stripe earns most of its money from fees on payments it processes, typically a percentage plus a fixed fee per card transaction, with negotiated rates for large enterprises.
Growth strategy
Stripe is growing by selling more products to existing users and by moving up-market to large enterprises, while building for new payment flows. In 2025 it shipped more than 350 product updates, expanded stablecoin accounts and payouts, and launched agentic commerce tools with OpenAI.
Competitive advantage
Stripe's edge is breadth plus developer adoption. A business can start with a simple payments integration and add billing, tax, fraud, payouts, cards and stablecoin rails without switching vendors. That integration depth raises switching costs, and Stripe's data across $1.9 trillion of annual volume feeds products such as Radar and payment optimization.
Questions about Ramp vs Stripe
Which company has higher revenue — Ramp Business Corporation or Stripe, Inc.?
Ramp Business Corporation reported $1.0B (FY2025), while Stripe, Inc. reported $6.8B (FY2025). By last reported revenue, Stripe, Inc. is the larger business, with Ramp Business Corporation reporting a smaller revenue base.
Which is more financially efficient — Ramp Business Corporation or Stripe, Inc.?
Ramp Business Corporation generates $833k / employee in revenue per employee, while Stripe, Inc. generates $756k / 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 Stripe, Inc. make money?
Ramp Business Corporation and Stripe, Inc. generate revenue in fundamentally different ways. Ramp Business Corporation: Ramp runs a card-led software model. Stripe, Inc.: Stripe earns most of its money from fees on payments it processes, typically a percentage plus a fixed fee per card transaction, with negotiated rates for large enterprises.
Is Ramp Business Corporation bigger than Stripe, Inc.?
By last reported revenue, Stripe, Inc. ($6.8B (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 Stripe overview