How to invest in Ramp stock pre-IPO
While AI stocks have been generating tremendous growth and excitement in recent years, many other tech companies have been incorporating automation and aspects of artificial intelligence years before the generative AI boom.
For example, the fintech company Ramp, founded in 2019, helps automate spend management to save companies time and money. They started by writing scripts that detect duplicate spending and categorize merchants, which helped Ramp stand out during its initial focus on corporate card issuance.2
Now, Ramp has expanded to many other areas of corporate finance, such as accounts payable (AP), treasury, and corporate travel, while expanding AI uses, such as using optical character recognition (OCR) to read invoices and automate AP processes like coding invoices based on accounting rules.3
But that's just the starting point. Ramp has quickly been raising money "to build the future of finance," according to the company,4 such as with a $200 million round in June 2025 at a $16 billion valuation, followed by a $500 million round 45 days later at a $22.5 billion valuation, and again 4 months later with another $300 million round increasing the valuation to $32B.5
According to Ramp, this funding is meant to help scale Ramp's deployment of AI copilots and autonomous agents who can help finance teams reorient processes to dramatically save time, such as by automatically approving low-risk expenses and reviewing contracts across different departments in parallel.6
For now, Ramp has shown an ability to raise significant funding privately while quickly growing its valuation, rather than needing to go public. That's not to say that an IPO is out of the question by any means, but it does not publicly appear to be on Ramp's roadmap for now.
Still, interested investors may be able to invest in Ramp stock pre-IPO through Forge's next-generation marketplace. Or, you might be able to gain indirect or similar exposure through other avenues, as we'll explore in this guide to investing in Ramp pre-IPO.
Ramp: Company background
Ramp was founded in 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee. Glyman and Atiyeh cofounded another company, Paribus, in 2015, which automated price adjustment refund processes7 (Lee also joined that company).8
Paribus was then acquired by Capital One's credit card division a year later in 2016. Working at Capital One then helped Ramp's founders gain a better understanding of gaps in the corporate card industry.9
Initially, Ramp primarily tried to make it easier for companies to issue as many corporate cards to employees as they wanted, while at the same time saving time and money on corporate spend, such as by identifying potential duplicate spending and automatically matching receipts. It also had a strong initial focus on serving startups.10
Since then, it has gone deeper into serving corporate finance teams, including enterprise ones, such as with procurement solutions and a treasury offering that helps companies earn more interest on operating cash than what many banks offer.11
Ramp stock and funding history
Forge Data, as of 11/26/2025
Ramp's seed round in 2019 raised $4.5 million at a $15 million valuation, implying an initial stock price of $0.21. Since then, Ramp stock has grown exponentially. By August 2020, after a multi-part Series A, its stock price reached $1.02 with a valuation above $200 million.12
The following year, the Ramp Series B raised over $65 million at a $1.56 billion valuation, bringing Ramp's stock price to $4.75. A few months later, the company raised over $350 million, growing its valuation to over $4 billion and its stock price to $15.00.13
Another big round in 2022 raised over $200 million and doubled Ramp's stock price to $30.00, with a valuation of $8.1 billion. However, it did have a down round in 2023, amidst a broader tech slowdown. Still, that Ramp Series D raised $339 million, implying a $20.00 stock price and a $5.8 billion valuation.14
By 2024, Ramp started to get back on track, raising about $156 million at a $25.00 stock price and $7.66 billion valuation, not too far below its 2022 levels.15
Then, in 2025, Ramp soared past these previous marks, with a $200 million Series E round that brought its stock price to $47.50 and valuation to $16 billion, followed shortly after by an E-2 round that raised $500 million, bringing Ramp's valuation to $22.5 billion and its stock price to $65.00. This E-2 round was followed 4 months later by an E-3 round this time raising $300 million which increased the valuation to $32B.16
The latest E-3 series bumped Ramp’s Forge Price to $92.5.17
Forge Data, as of 11/26/2025
Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions, and indications of interest (IOIs) on Forge.
Ramp's investors include many prominent venture capital and other investment firms, such as Coatue Management, D1 Capital Partners, Founders Fund, Thrive Capital, and ICONIQ Capital.18
How to buy Ramp stock
As a private company, Ramp's stock is not for sale to the general public. However, accredited investors may be able to buy Ramp stock through Forge's next-generation marketplace for private market trades, subject to availability.
Forge's technology and relationships help facilitate trade private company shares in companies like Ramp, along with other private market competitors or related companies.
For example, Cross River Bank is a fintech unicorn that offers Banking-as-a-Service (BaaS) infrastructure technology to other fintech and finance companies. While Cross River's technology could theoretically be integrated with Ramp to add offerings, Cross River could also increase competition for Ramp by enhancing the capabilities of other fintech or banking companies.
Mercury is another unicorn that more directly competes with Ramp, such as on the corporate treasury side, along with offering financial operations technology.
On the consumer side, Varo is also a banking startup, though unless Ramp branches into retail banking or Varo targets businesses, there's not really direct competition here. Similarly, Upgrade is a fintech company that focuses on retail areas like personal loans, credit cards, and checking/savings accounts for individuals.
So, investors interested in buying Ramp stock could consider these other types of private companies if they want some exposure to private market fintech but can't find Ramp shares or seek to diversify.
Who can invest in Ramp pre-IPO?
Because U.S. regulations generally limit private companies when offering securities for sale, investing in Ramp pre-IPO is typically reserved for accredited investors. That could include institutional investors like VC funds and angel investors who may be able to buy Ramp stock if invited to participate in primary funding rounds, as well as individual accredited investors who may be able to access shares through a private stock marketplace like Forge.
Where to buy Pre-IPO Ramp stock
While pre-IPO Ramp stock is not available to the general public, accredited investors may be able to find shares for sale through Forge's marketplace for private market trading.
Through Forge, you can access Ramp's Forge Price, which provides real-time transparency by synthesizing data from various sources, including secondary market transactions, recent funding rounds and active bids and asks on Forge. These contextual pricing insights help private market investors determine whether to accept or negotiate an existing ask or see if they want to create a new bid for Ramp shares.
Alternatives for unaccredited investors who want to buy Ramp stock
While unaccredited investors can't directly invest in Ramp stock pre-IPO, there could be ways to gain exposure on an indirect or correlated basis through other assets.
1. Public fintech stocks
For example, Bill Holdings competes with Ramp in some ways, and Bill's stock is publicly traded. So, even if you believe in Ramp's trajectory, it's possible that Ramp's growth coincides with broader growth for corporate finance software, in which case Bill's stock could also rise.
Similarly, there are some other expense management or related companies that have publicly traded stocks, such as Navan, Expensify, and Corpay. SAP Concur is also a competitor, though investing in SAP stock would provide broader exposure to tech, given that SAP has many different types of offerings besides expense management.
2. Public credit cards companies
Another option could be to invest in credit card companies like American Express, Visa, and Mastercard. American Express shares some direct similarities with Ramp in terms of offering corporate expense management and banking solutions. Visa and Mastercard do too, to some extent, though often these card networks partner with other financial institutions to offer financial services.
Also, investing in Visa could provide some directional alignment with Ramp, as Ramp's cards are issued on the Visa network.19 So, while this is a fraction of Visa's business, in general, Ramp's growth could also corresponds with Visa's growth.
3. Exchange-Traded Funds (ETFs)
Another option could be to gain broader exposure to fintech or the traditional finance industries, such as through sector-based exchange-traded funds (ETFs). Doing so might have minimal direct overlap with Ramp, but there could be directional alignment, e.g., if companies spend more on corporate finance solutions, that could help the whole sector.
How to analyze Ramp stock
Private companies are typically allowed to and choose to keep financial details closely guarded, which can make analyzing Ramp stock difficult and subjective. However, Ramp has disclosed some data that could provide some valuation clues.
For example, Ramp has grown from crossing $100 million in annualized revenue in March 2022, to hitting over $300 million in August 2023, followed by reaching over $700 million in annualized revenue in January 2025.20 In August 2025, Ramp crossed $1 billion in revenue.21
While revenue is only part of the equation, you might weigh whether Ramp's valuation growth and stock price seem fair based on its revenue growth, especially if you can compare similar metrics at other private companies by exploring Forge's private stock marketplace.
In addition to looking at real-world market signals informing Ramp's current Forge Price, investors can discover other available investments and review market interest signals in real time. Seeing how other fintech companies are trading on Forge could help you determine what seems like a fair valuation for Ramp.
You could also look at how public market competitors like Bill and Navan are trading.
That said, private market shares generally lack the liquidity and transparency of public market shares. So, even with real-time pricing insights on Forge, there can be more subjectivity involved in analyzing Ramp stock, along with the valuations of other private market companies.
Get started investing in Ramp on Forge
If you want to invest in Ramp pre-IPO if/when shares become available, create an account with Forge Markets to access our next-generation marketplace of private market shares.
When you create a free account, and based on your eligibility, you can potentially buy and sell private market shares in Ramp and other startups.
Forge stands out for its transparency into what can otherwise be an opaque private market, and as a publicly traded company itself, Forge provides a regulated, proven way to invest in the private market.
FAQs about investing in Ramp
Where do I buy Ramp stock?
For now, Ramp remains a private company, so its stock is generally limited to accredited investors. If eligible, however, you may be able to buy and sell Ramp stock through a private marketplace such as Forge.
Who can invest in Ramp?
Investing in private companies like Ramp is primarily limited to institutional investors or individuals who qualify as accredited investors. However, investment is generally dependent on either being selected to participate in primary funding rounds or finding shares available through a secondary marketplace such as Forge.
Who are Ramp's competitors?
Ramp's competitors include a mix of other corporate finance software providers, such as Brex, Airbase, Tipalti, Bill, Coupa, Navan, Expensify, Corpay, and SAP Concur, to name a few. Because Ramp has its hands in several areas of corporate finance, there are different competitors for different functions, e.g., Brex is a big competitor for corporate cards, while Bill arguably competes more in areas like accounts payable.
What other private companies similar to Ramp can I invest in?
One example of a private company that shares similarities with Ramp is Mercury, and on a broader fintech basis, investors might consider private market companies like Cross River Bank, Upgrade, and Varo.
$32B
