Fintech startup Ramp reports a $1.85 billion stock offering to the SEC

Ramp, a New York financial technology company that sells corporate cards and software to automate expenses, payments and accounting, told the US Securities and Exchange Commission on October 16, 2026, that it had sold $1.585 billion of equity in an offering of up to $1.85 billion. The Form D notice lists 40 investors and a first sale on October 7.

A day earlier, on October 15, Ramp published a post on its blog titled “Ramp at $60B: The end of the beginning.” In it, the company said 85,000 businesses use Ramp to save over $1 billion a month, and that over the summer it passed $2 billion in annualized revenue, with positive cash flow. The post does not say how much money Ramp raised or who invested.

What the filing shows

Ramp has filed 13 Form D notices since 2020, according to the SEC's EDGAR system. The three most recent show each offering larger than the last:

The amount sold in the October offering is about twice the amount sold in June. When the form was signed on October 15, $265 million of the offering remained unsold, and the filing says the offering will not last more than a year.

The October notice claims the Rule 506(b) exemption under Regulation D. That rule lets a company raise an unlimited amount of money without registering the offering, as long as it does not use general solicitation or advertising to market the securities and sells to no more than 35 non-accredited investors in any 90-day period. Ramp's filing reports no non-accredited investors and no sales commissions or finder's fees.

The filing also names Ramp's leadership: Eric Glyman and Karim Atiyeh as executive officers and directors, and Zachary Frankel and Keith Rabois as directors.

What the filing does not show

A Form D is a notice of an exempt offering, and it leaves a lot out. Ramp's notice names none of the 40 investors and states no valuation, and the company chose “Decline to Disclose” for its revenue range. The $60 billion figure comes only from the title of Ramp's blog post, which does not say whether it is measured before or after the new money.

Why it matters

On the company's own figures, Ramp's valuation rose from $44 billion, in a June 4 post titled “Ramp at $44 Billion: The Third Pillar,” to $60 billion about four months later, an increase of roughly 36%. In the October post, Ramp listed the products it built this year: Stack, for closing the books faster; Accounts Receivable; AI Spend Management; Router, to pick the right AI model; and Glass, plus 476 more features.

Rule 506(b) lets Ramp keep raising large sums privately, without registering the securities with the SEC. Buyers receive restricted securities, and the states can still require their own notice filings and fees. For how SAFEs, priced rounds and Form D filings fit together, see how startup funding works.