Corporate finance competitors: Ramp vs. Bill

For any company to succeed, it has to be in control of its finances. Runaway spending or unpaid invoices can cause trouble, regardless of how well the business is performing in other areas. In fact, cash flow problems are often cited as one of the top reasons that small businesses fail.⁷

To get a better handle on corporate finance, many companies turn to helpful software and CFOs are increasingly looking to bolster spending on such technology.⁸ However, there are many different areas of corporate finance technology, with some platforms overlapping and others have their own features and functionality.

Two examples of popular finance platforms include Ramp and Bill.com (which rebranded as ‘Bill’ in 2022).⁹ While both of these platforms can be used to oversee spend management and accounts payable, and both have a strong focus on the small and medium business (SMB) market,¹⁰ they differ in several ways.

First, Ramp focuses more on issuing corporate cards and the spend management side of corporate finance, while Bill’s platform can be perceived as being a bit more comprehensive, with both accounts payable (AP) and accounts receivable (AR) capabilities.^11,12 Ramp is also a younger company and is a private, venture-backed firm, when compared with Bill, which went public the same year Ramp was founded (in 2019).^13,14

However, Ramp has a higher valuation, in the sense that its most recent Series E, announced in June 2025, values the company at $16 billion, compared to Bill's market cap of around $4.3 billion.^15,16

Helping companies get a handle on payments

In many ways, Ramp and Bill provide similar solutions and can be viewed as competitors for the reasons outlined below.

Initially, Bill started in 2006 as Cashboard, followed shortly thereafter by Cashview, before rebranding as Bill.com in 2007.¹⁷ The company initially focused on providing cloud-based bill payment and bookkeeping solutions, and it built up its user base of small businesses largely through integrations such as with accounting firms, banks, and an integration with QuickBooks.¹⁸

In comparison, Ramp started off by focusing on issuing corporate cards with the goal of helping businesses reduce spending, such as through a simplified card rewards system (a flat 1.5% cash back) and automation such as to catch duplicate spending and implement custom spending controls. The company also highlights time-saving features as it has expanded more into expense management, and like Bill, it also has integrations with accounting platforms like QuickBooks.¹⁹

Both companies have also been expanding their capabilities through acquisitions. For example, Bill acquired corporate card and expense management startup Divvy in 2021, which more directly put it into competition with Ramp.²⁰ Bill also acquired Finmark in 2022 to add financial planning and cash flow insight capabilities.²¹

Meanwhile, Ramp has made acquisitions, such as buying AI customer support platform Cohere.io in 2023,²² as Ramp has been emphasizing the use of AI in its offerings lately.²³ In 2024, Ramp acquired another AI-focused company, Venue, to help expand more into procurement and the enterprise market.²⁴

As it stands, Ramp and Bill now both have a wide range of corporate finance capabilities and serve both SMBs and some enterprise customers but there are still some core differences, such as Bill offering AR capabilities, while Ramp does not.^25,26 Ramp has also more directly moved into treasury management, launching Ramp Treasury in 25, which includes partnering with First Internet Bank of Indiana for deposit services.²⁷

In terms of revenue, Ramp has grown from breaking $100 million in annualized revenue in March 2022, to crossing $300 million in August 2023, and it then crossed $700 million in annualized revenue as of January 25.²⁸ By the end of August 2025, Ramp reportedly reached $1 billion in annualized revenue.²⁹ In comparison, Bill's annual revenue for the year ended June 30, 2022, was around $642 million, followed by $1.06 billion in 2023, and $1.3 billion in 2024.³⁰ Bill's most recently reported revenue for fiscal year 2025, ending June 30, 2025, was $1.5 billion, a 13% annual increase.³¹

However, these companies aren’t competing alone, particularly when it comes to attracting funding from investors.

For example, Cross River Bank is a fintech unicorn that provides Banking-as-a-Service (BaaS) technology that other fintech companies can use to offer their own banking products. So, in some sense, Cross River's tech could potentially support the growth of Ramp and Bill, but it could also enable new competitors to crop up.

Mercury is somewhat more of a direct competitor to Ramp and to Bill, as it offers a suite of business banking and financial operations solutions. However, it largely focuses on the deposit side of things rather than spend management, but it's possible there could be more convergence in the future.

Upgrade is another popular fintech company. It focuses more on areas like personal loans, credit cards, and checking/savings accounts for individuals, so there's not much direct overlap with Ramp and Bill, at least for now. Still, there could be some competition for capital among fintech investors.

Similarly, Varo is a fintech company focused on consumer banking. It started as a neobank but received its national bank charter in 2020. It's considered the first consumer-focused fintech to do so.³² Like Upgrade, there's no direct competition with Ramp and Bill per se, at least based on their current business models, but it's possible that could change in the future.

Comparing market performance

Despite Bill having higher revenue totals, Ramp's valuation has been higher than Bill's market cap recently, with Ramp's valuation growing from $7.66 billion in a Series D-2 in 2024³³ to $16 billion with its most Series E in June 2025.³⁴ A little over a month later, Ramp then announced its Series E-2, which raised $500 million and brought its valuation up to $22.5 billion.³⁵

In comparison, Bill's current market cap is around $4.4 billion. That's higher than when it first went public — when it closed a strong first trading day at a $2.64 billion valuation³⁶ — but the stock has gone through significant swings since then. It quickly ascended for nearly the first two years of public market trading, peaking at a market cap of over $34 billion in late 2021. Since then, however, it has been on a downtrend, falling to around $6 billion by late 2023, and despite an uptick to around $10 billion as recently as January 25, it has since fallen into the $4 billion range.³⁷

Ramp experienced a bit of this volatility too, albeit with a less pronounced downturn. As a private company, it rode the pandemic-era wave from a valuation of around $202 million with a Series A-3 and A-4 in August 2020 all the way to an $8.1 billion Series C-3 in March 2022. However, it had a down round with its August 2023 Series D, falling to $5.8 billion, before climbing back up the next year.³⁸ Its most recent funding round at $16 billion suggests that it has not faced the same downward pressure as Bill.³⁹

When directly comparing Ramp vs. Bill, dating back to the beginning of 2024, Ramp's Forge Price is up +206.89%,⁴⁰ while Bill is down, performing -46.47%.⁴¹

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.

Forge + Yahoo Finance Data: A new lens on public vs. private stocks

Thanks to the partnership between Forge and Yahoo Finance announced earlier this year, investors can now closely monitor real-time private company prices like Ramp's Forge Price vs. fintech competitors like Bill. These side-by-side comparisons could help investors spotlight changes that might occur as both companies navigate changing technologies and the overall economic landscape.

What's next for Ramp vs. Bill?

Both Ramp and Bill continue to enhance their platforms, extending beyond some of their core capabilities into more comprehensive areas of corporate finance. They've also been integrating new technologies like AI to try to improve their platforms.^42,43

For now, Ramp has not suggested any specific IPO plans, but that could be on the table in the future, given its progression of primary funding rounds. So, in the future, it's possible that both companies not only compete in terms of trying to attract other businesses to use their tools to manage corporate spend, but also in terms of trying to win over the same types of investors.