Ramp and Brex in 2026: a $44B round, a bank buyout and the CFO stack
Ramp hit a $44B valuation as Capital One closed its $5.15B Brex deal. The verified numbers behind US spend management in 2026 and what they mean for founders.
Ishaan Vardhan21 Oct 2026 · 9 min read
US spend management in 2026 has split into two stories. Ramp raised $750 million at a $44 billion valuation in June and says it has passed $1 billion in annualized revenue, while its long-time rival Brex was bought by Capital One for $5.15 billion in a deal that closed on 7 April 2026. Together they show where the “CFO stack” of cards, bill pay, procurement and AI finance agents is heading, and who is likely to own it.
This piece sets out the verified numbers for Ramp, Brex and neighbours such as Mercury and Navan, then explains what the split means for finance teams and for founders building in B2B fintech, in the US or selling into it from India.
Key takeaways
- Ramp’s Series F valued it at $44 billion on 4 June 2026, with more than 70,000 customers and $200 billion in annual purchase volume, according to lead investor GIC.
- Capital One completed its purchase of Brex on 7 April 2026. The $5.15 billion price was well below Brex’s $12.3 billion private valuation from 2021, Payments Dive reported.
- Mercury, which offers banking for startups, raised $200 million at $5.2 billion in May 2026 after winning conditional approval for a US national bank charter.
- The common thread is AI agents doing back-office work (expense review, procurement, accounting), plus a push by banks and fintechs to own the whole finance workflow rather than a single card.
What the “CFO stack” means
A decade ago, a US startup’s finance setup was a bank account, a corporate card from a big issuer and a pile of spreadsheets. Spend management companies bundled those into one product: a corporate card with built-in expense rules, receipt capture and automatic sync to accounting software. Over time they added bill payments, procurement approvals, travel booking and treasury (where idle cash earns interest).
Ramp now describes itself as running five product lines: corporate cards and expense management, bill payments, procurement, travel, and treasury, according to its September 2025 announcement. More than half its customers used two or more of them at that point. That cross-selling is the core of the model: the card gets a company in the door, and each extra workflow makes the platform harder to replace.
The business model matters too. Card-led finance platforms generally earn revenue from interchange, the fee a merchant’s bank pays each time a card is used, plus software subscriptions and fees on payments and treasury. That is why “annual purchase volume” (how much customers spend through the platform) is a key metric alongside revenue.
Ramp: from $1 billion run rate to a $44 billion valuation
Ramp was founded in 2019 in New York by Eric Glyman, Karim Atiyeh and Gene Lee. Its valuation rose several times during 2025 before the Series F.
On 9 September 2025, Ramp said it had passed $1 billion in annualized revenue and was generating operating cash flow, with 45,000 customers, 1,700 enterprise customers and $100 billion in annualized purchase volume, according to its press release.
The June 2026 Series F
Ramp raised $750 million at a $44 billion valuation in a round led by ICONIQ, GIC and the Ontario Teachers’ Pension Plan, announced on 4 June 2026, according to GIC. New investors included Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management and Insight Partners. As of 1 June 2026, Ramp reported:
- more than $1 billion in annualized revenue and positive free cash flow;
- more than 70,000 customers, including Visa, Uber, Shopify, Figma and Notion;
- $200 billion in annual purchase volume, double the figure from September 2025;
- enterprise growth of more than 100% year on year.
Recent launches named in the announcement include AI token spend management (tracking what companies spend on AI models), procurement agents and accounting agents. Chief executive Eric Glyman called the moment “the biggest structural change since the spreadsheet” for finance.
In September 2026, Bloomberg reported that Ramp was in early talks to raise about $1 billion at a valuation of roughly $60 billion, and that it had crossed $1.5 billion in annualized revenue by early June, according to Yahoo Finance. Ramp has not confirmed that round, so treat it as reported rather than done.
Brex: a $5.15 billion sale to Capital One
Brex, founded in 2017 by Pedro Franceschi and Henrique Dubugras, also started with corporate cards for startups. Its path ended differently. On 22 January 2026, Capital One agreed to buy Brex for $5.15 billion, half in cash and half in Capital One stock, according to Payments Dive. The price was well below Brex’s $12.3 billion private valuation from 2021.
Payments Dive reported that about 25,000 companies used Brex, including Anthropic, DoorDash and Zoom, and that Brex oversaw about $13 billion in customer deposits held at partner banks and money market funds.
Capital One completed the acquisition on 7 April 2026, well ahead of the mid-2026 target. Franceschi stays on as chief executive of Brex inside Capital One. Capital One chief executive Richard Fairbank called the deal “a gamechanger for business customers”. American Banker reported that Capital One plans to spend nearly $1 billion over three years on integration, including retention pay, and that Brex brings AI tools for expense management, policy review, auditing and accounting.
Why a bank wanted Brex
Capital One is a card issuer at heart, and it bought card network Discover in 2025, as American Banker noted. Brex adds a software layer and a customer base of fast-growing companies that might otherwise never bank with a large issuer. PitchBook analyst Rudy Yang told Payments Dive that Brex had “found a working formula” for corporate cards, expense automation and embedded payments that Capital One wants in its own stack.
Ramp vs Brex: the numbers side by side
| Metric | Ramp | Brex |
|---|---|---|
| Founded | 2019 | 2017 |
| Latest valuation or price | $44 billion (Series F, June 2026) | $5.15 billion (Capital One deal, January 2026) |
| Peak private valuation | $44 billion | $12.3 billion (2021) |
| Customers | 70,000+ (June 2026) | About 25,000 (January 2026) |
| Status | Independent, venture-backed | Part of Capital One since 7 April 2026 |
Figures are from GIC, Payments Dive and Capital One as linked above. Customer counts are company-reported and may define “customer” differently.
The rest of the stack: Mercury and Navan
Mercury is becoming a bank
Mercury, the startup banking platform, raised a $200 million Series D at a $5.2 billion valuation led by TCV, announced on 20 May 2026, according to Mercury’s blog. It has more than 300,000 customers and says it has been profitable on a GAAP net income basis for four consecutive years. In April 2026 it received conditional approval from the Office of the Comptroller of the Currency (OCC) to set up Mercury Bank, N.A.; FDIC and Federal Reserve approvals were still pending at the time. Mercury also said 73% of its new customers now come from outside the AI and tech startup category.
Navan went public, and the market was cautious
Travel and expense platform Navan listed on Nasdaq under the ticker NAVN, selling shares at $25 each and closing its IPO on 31 October 2025, according to Navan’s investor relations site. The company sold 30 million shares itself, and existing holders sold about 6.9 million more. The stock fell about 20% on its first day of trading, closing at $20, according to Skift. That reception is one reason late-stage finance software companies such as Ramp have kept raising privately.
What it means for finance teams and founders
This section is our analysis of the deals and numbers above.
Consolidation is the default
Finance teams increasingly buy one platform for cards, bills, procurement and travel instead of five separate tools. Ramp’s push to get customers onto multiple product lines, and Capital One’s purchase of Brex to add software to its card business, both point the same way. If you are building a single-feature finance tool, expect to be compared with a bundled suite and plan either to integrate deeply with the big platforms or to serve a niche they ignore.
Distribution and balance sheets matter
Brex’s sale price, at well under half its 2021 valuation, shows that great product alone does not guarantee a venture outcome in fintech. Banks own cheap deposits, underwriting and regulatory licences. Mercury’s bank charter application points the same way: fintechs that want to keep their margins are trying to become regulated institutions themselves, or selling to one.
AI agents are now the product pitch
Every company in this story leads with AI agents: Ramp’s procurement and accounting agents, Brex’s AI tools for policy review and auditing, Mercury’s Insights tool. The practical test for buyers is simple: does it remove work from the close each month, and can you audit what the agent did?
For Indian founders selling into the US
For Indian SaaS founders, US finance operations is a large market where buyers already expect integrations with these platforms. Building connectors to Ramp, Brex, Mercury and the major accounting systems is often a faster route to US customers than competing with them head-on. If you are hiring for this kind of product, our jobs board lists openings from fintech companies such as Stripe, and the funding tracker follows new rounds.
Bottom line
Two companies that started with the same product, a better corporate card for startups, have reached very different endings. Ramp kept widening its platform and is now valued at $44 billion as an independent company. Brex became part of one of America’s largest card issuers at a price well below its peak. For the rest of the market, the lesson is that the CFO stack rewards breadth, distribution and, increasingly, a bank licence, and that the AI agent race is now the main arena of competition.
FAQ
Who bought Brex?
Capital One agreed to buy Brex for $5.15 billion in cash and stock in January 2026 and completed the deal on 7 April 2026. Brex co-founder Pedro Franceschi continues as its chief executive.
What is Ramp’s valuation in 2026?
Ramp was valued at $44 billion in its $750 million Series F, announced on 4 June 2026. Bloomberg reported in September 2026 that it was in early talks for a round at about $60 billion, which has not been confirmed.
Is Ramp profitable?
Ramp has not published net profit figures. It said it had positive free cash flow as of June 2026 and was generating operating cash flow in September 2025.
Is Brex still available to startups?
Yes. Capital One said Brex continues to operate as a business inside Capital One, led by Franceschi, offering corporate cards, expense management and payments.
What is the difference between Ramp and Mercury?
Ramp focuses on spend management: corporate cards, expenses, bill pay, procurement and travel. Mercury started as a business bank account for startups and is applying to become a national bank, though it also offers cards and payments.
This article is for information only and is not investment or financial advice. Confirm details with official company disclosures or a qualified professional.
Sources
- GIC, “Ramp Raises Series F at $44 Billion Valuation”, 4 June 2026
- Ramp via PR Newswire, “Ramp Reaches $1 Billion in Annualized Revenue”, 9 September 2025
- Wikipedia, “Ramp (company)”, accessed 4 October 2026
- Yahoo Finance (Bloomberg report), “Ramp eyes $60 billion valuation in early talks for new capital round”, 9 September 2026
- Payments Dive, “Capital One nabs Brex for $5.15B”, 23 January 2026
- Capital One, “Capital One Completes Acquisition of Brex”, 7 April 2026
- American Banker, “Capital One closes Brex acquisition”, 8 April 2026
- Mercury, “Announcing Mercury’s Series D”, 20 May 2026
- Navan, “Navan Announces Closing of Initial Public Offering”, 31 October 2025
- Skift, “Navan’s Share Price Fell 20% on Its First Day of Trading”, 30 October 2025
Featured image: Card spending is the entry point for spend management platforms such as Ramp and Brex. · Photo: RuinDig/Yuki Uchida / Wikimedia Commons, CC BY 4.0
How this article was made: researched and drafted with AI assistance by the 100xFounder editorial desk, using only the sources listed in it; every figure links to its source. Read our editorial policy, or report an error through our corrections policy.
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Sources (10)
- GIC 4 Jun 2026Ramp $750M Series F at $44B led by ICONIQ, GIC, OTPP; new investors; >$1B annualized revenue, positive FCF, 70,000+ customers, $200B purchase volume, enterprise growth 100%+; customers; launches; Glyman quote
- PR Newswire (Ramp) 9 Sep 2025Ramp >$1B annualized revenue, operating cash flow, 45,000 customers, 1,700 enterprise customers, $100B purchase volume, five product lines, over half use 2+ products
- Wikipedia 4 Oct 2026Ramp founded 2019 in New York by Eric Glyman, Karim Atiyeh and Gene Lee
- Yahoo Finance (Bloomberg) 9 Sep 2026Ramp in early talks to raise ~$1B at ~$60B; $1.5B annualized revenue by early June
- Payments Dive 23 Jan 2026Capital One to buy Brex for $5.15B half cash half stock; ~25,000 customers incl. Anthropic, DoorDash, Zoom; ~$13B deposits; $12.3B 2021 valuation; founded 2017 by Franceschi and Dubugras; Rudy Yang quote
- Capital One 7 Apr 2026Deal completed 7 April 2026; Franceschi continues as CEO; Fairbank 'gamechanger' quote
- American Banker 8 Apr 2026Nearly $1B integration spend over three years incl. retention; Brex AI tools; follows 2025 Discover acquisition
- Mercury 20 May 2026$200M Series D at $5.2B led by TCV; 300,000+ customers; four years GAAP profitable; OCC conditional approval April 2026; 73% new customers outside AI/tech
- Navan 31 Oct 2025IPO closed; NAVN; $25 per share; 30M primary and ~6.9M secondary shares
- Skift 30 Oct 2025Navan fell 20% on first day to $20
