Ramp Eyes $25 Million Government Contract in SmartPay Program

New updates have been reported about Ramp (PC:RMPVK)

Expense management startup Ramp is under consideration for a significant opportunity with the U.S. government’s General Services Administration (GSA). The company is vying for a place in a pilot program within the GSA’s SmartPay initiative, a massive $700 billion expense card program. If successful, Ramp could secure a contract valued at up to $25 million, as reported by Pro Publica. This development follows Ramp’s strategic efforts to engage with the government, including a blog post by CEO Eric Glyman and investor Kyle Harrison, which outlined potential efficiencies in government spending.

Ramp’s participation in the SmartPay pilot program is part of a competitive procurement process, according to Lindsay McKinley, Ramp’s head of communications. She emphasized Ramp’s track record in preventing wasteful spending and expressed confidence in delivering similar results for the American taxpayer. The company has been actively demonstrating its platform’s capabilities to the GSA, although the outcome remains uncertain. Notably, Ramp recently doubled its valuation to $13 billion following a $150 million secondary share sale, underscoring its growth and financial strength. Since its inception in 2019, Ramp has raised over $1 billion in equity financing and secured $700 million in committed debt funding, positioning it well for potential government collaboration.