In 2020 Brex Was Worth 37x Ramp. In 2026 Brex Sold for $5.15B and Ramp Sits at $32B. What Flipped?
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We drafted the teardown of Ramp’s growth, and these are the parts I found most useful. In 2020 the valuation gap was 37 to 1 in Brex’s favor. Capital One closed its $5.15B Brex deal on April 7, about 58% under Brex’s 2022 peak. Ramp last raised at $32B. Four things stood out to me: Brex dropped small businesses and unfunded startups in 2022. Ramp kept serving them and caught the switchers. At one point Ramp ran at 50% of Brex’s revenue with about 15% of the headcount. Every support ticket got tr
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