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We first met Eric and Karim five years ago. They had been building Ramp after previously founding and selling Paribus to Capital One. At the time, “next-gen corporate cards” were everywhere, but what really stood out to us was the persistence of Eric and Karim’s values and vision. They always expressed a desire to save their customers time and money – that was the goal behind Paribus, and it was this same core principle that shaped Ramp from the start. Eric and Karim felt that finance teams deserved better tools – faster, more intelligent, and more considered. What began as a card quickly evolved into something much larger. Over the last five years, we’ve had the privilege of working alongside the team as they built a platform used by thousands of companies to run their financial operations.
Today, we’re deepening that partnership by leading Ramp’s $500M Series E-2. We believe this next chapter may be its most defining yet.
Finance teams are being asked to move faster and think more strategically, but they’re often held back by disconnected tools and outdated workflows. Approvals stall. Vendor data is scattered. Close takes too long. Ramp is shifting that dynamic.
Over the past few years, we’ve seen this team seek to redefine what real product velocity looks like. We believe the launch of Ramp Bill Pay marked a watershed moment for the company. It expanded the platform in a way that felt native and deeply responsive to customer needs. Since then, the Ramp team has worked to ensure every new product – treasury, procurement, travel – builds on that same foundation.
Ramp’s newly released AI agents are more than just experiments. They’re live, embedded, and already working behind the scenes for teams like Notion, Webflow, and Quora. They help approve expenses, flag fraud, update policies, and answer employee questions – all in real time.
This isn’t automation layered on top. It’s automation designed into the architecture. Because Ramp never set out to just make tasks easier. In fact, we remember hearing this vision in one of our earliest meetings with Eric. Ramp’s goal has always been to make finance work better, and eventually, work on its own. We believe the promise of autonomous finance is being built now, and we see Ramp pioneering the way.
Through it all, what’s inspired us most is the team. We believe Eric and Karim have built a culture of deep craftsmanship, relentless speed, and genuine humility. Throughout our work together, we’ve had the opportunity to engage with many individuals across the Ramp team, and we’ve seen a shared commitment to building with uncommon care, operating with discipline, and staying focused on delivering meaningful solutions to their customers.
Inside ICONIQ, this has been a close and uniquely personal partnership. From hosting CFO dinners with Eric, to working hand-in-hand on strategic sales, to connecting Ramp with visionary leaders across our network, we’ve been proud to be in the trenches. We’ve made over 100 commercial and strategic advisory introductions to date. In fact, some of our former teammates now call Ramp home.
We believe Ramp is one of those rare few companies that have combined velocity with operational discipline and product quality. From startups to global brands, we’ve found that customers don’t just adopt Ramp. They rave about it. We believe that’s a testament to the team’s customer obsession and clarity of mission.
As the role of finance continues to evolve, we believe Ramp is building the infrastructure to support that shift. Not just a more efficient workflow, but a fundamentally more intelligent system of operation.
Congratulations to Eric, Karim, and the entire Ramp team. We’re grateful and proud to keep building with you.
Published:
July 30, 2025
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