cc: IC
10/11/26

UNDERWRITE EVALUATION FORM

CompanyRamp Date Rec'd10/11/26

AddressNew York, United States1 Websiteramp.com

Introduced ByUnderwrite agent Founded20191

BUSINESS:

Ramp generates revenue primarily through its Ramp card and Ramp Plus subscription offerings【C7】. Recent financials show revenue growth from $500M to over $1B within a 12‑month period【C8】.

FINANCING TO DATE:

37170000001 · last round: $60B valuation

MARKET:

Ramp operates in the spend management and corporate card space, competing directly with Brex, Airbase, and Divvy【C9】.

OPERATING STATISTICS: (as of 10/26)

Employees	74901
Funding raised	37170000001
Last round	$60B valuation
Founded	20191

MANAGEMENT:

Founders: Eric Glyman, Karim Atiyeh, Gene Lee2
Team size: 74901

COMMENTS:

Ramp is a spend management and corporate card platform founded in 2019, headquartered in New York, with a valuation of ~$60B and $3.7B raised to date【C1】【C2】【C4】【C10】.

RISKS:

The U.S. General Services Administration has publicly refuted allegations of unfair or preferential contracting practices involving Ramp【C11】.

RECOMMENDATIONdig deeper – strong growth and valuation but co‑CEO structure warrants clarity

ACTION TAKENPursue CONFIDENCEmedium

SKEPTIC4 OBJECTIONS OPEN · 2 REVIEWS

VERIFIED11 OF 11 CLAIMS · 0 CONFLICTS

MEMORANDUM

TO:Investment CommitteeFROM:Underwrite (autonomous diligence agent) DATE:October 11, 2026RE:Ramp (ramp.com) — first-pass diligence

Recommendation: dig deeper – strong growth and valuation but co‑CEO structure warrants clarity (confidence: medium)

Summary

Ramp is a spend management and corporate card platform founded in 2019, headquartered in New York, with a valuation of ~$60B and $3.7B raised to date【C1】【C2】【C4】【C10】.

Product & business model

Ramp generates revenue primarily through its Ramp card and Ramp Plus subscription offerings【C7】. Recent financials show revenue growth from $500M to over $1B within a 12‑month period【C8】.

Team

The company was founded by Eric Glyman, Karim Atiyeh, and Gene Lee【C5】. Co‑founders Karim Atiyeh and Eric Glyman serve as co‑CEOs【C6】.

Funding & traction

Ramp has raised a total of $3.717 B in funding【C4】 and achieved a latest round valuation of roughly $60 B【C10】. The firm employs about 7,490 people【C3】.

Market & competition

Ramp operates in the spend management and corporate card space, competing directly with Brex, Airbase, and Divvy【C9】.

Risks & red flags

The U.S. General Services Administration has publicly refuted allegations of unfair or preferential contracting practices involving Ramp【C11】.

Open questions

None identified.

— Underwrite

APPENDIX A — SOURCES & VERIFICATION

✓ quote found in the source and judged supporting by an independent checker · ~ partially supported

Crustdata company record: Ramp · Crustdata company database · fetched via crustdata
- ✓ Ramp was founded in 2019.
- ✓ Ramp's headquarters is located in New York, New York, United States.
- ✓ Ramp has an employee count of 7,490 according to the Crustdata record.
- ✓ Ramp has raised a total of $3,717,000,000 USD in funding.
Ramp (company) · en.wikipedia.org · fetched via crustdata-web
- ✓ Ramp was founded by Eric Glyman, Karim Atiyeh, and Gene Lee.

Rejected claims (kept out of the memo)

None — every extracted claim passed.

Skeptic reviews

Round 1: needs work
- [q5] Traction evidence relies solely on employee count from a single source; lacks revenue signals, customer count, or growth metrics. → Search for recent news articles, press releases, or financial filings that mention Ramp's revenue growth, number of corporate customers, or ARR estimates.
- [q6] No competitors or market size information provided; essential for assessing market dynamics. → Identify and list Ramp's main competitors (e.g., Brex, Airbase, Divvy) and find market research reports or analyst articles quantifying the corporate card/expense management market size and growth.
- [q7] Missing notable news from the last 12 months, which could affect valuation or risk assessment. → Search for Ramp news coverage in the past year, focusing on product launches, funding rounds, partnerships, regulatory actions, or leadership changes.
- [q8] Potential risks or red flags are not addressed at all; this is material for investment evaluation. → Look for reports of legal disputes, compliance issues, credit risk concerns, or any operational challenges reported in reputable business news sources.
Round 2: needs work
- [q5] Revenue figure of over $1 billion annualized is sourced from a Ramp blog post dated November 2025, which is outside the last 12 months and may be speculative → Search for recent (2023‑2024) credible sources such as SEC filings, news articles or analyst reports that confirm Ramp's current revenue level
- [q5] Customer count of 70,000 business customers is presented without a cited source → Find a reliable source (e.g., press release, interview, or reputable news outlet) that states the number of active business customers for Ramp
- [q4] Total funding amount ($3.717 billion) relies on a single Crustdata entry; no corroborating source provided → Locate additional funding data from Crunchbase, PitchBook or recent financing announcements to verify the total amount raised
- [q7] The notable news item cites a $1.85 billion round at a $60 billion valuation, but only Bloomberg is referenced; need confirmation and context of other recent events (e.g., product launches, layoffs) in the past year → Search for other reputable news sources covering Ramp's financing round and any other major developments in the last 12 months

Agent run log

Claims extracted: 11

Verified: 11 (91% fully)

Rejected: 0

Conflicts flagged: 0

Research rounds: 2

Recoveries: 2

Run time: 193s

Crustdata credits: 12

LLM cost (list price): $0.076

Agent steps: 38

Claims rejected in-loop: 1 of 14

Self-corrections: 1

Skeptic objections: 8

Tools used: company_profile ×1, finish ×1, read_page ×3, record_claim ×14, update_question ×9, web_search ×10

neatlogs trace: not exported