The corporate expense management battle just went global. On March 13, 2026, Ramp, the New York-based financial operations platform valued at $32 billion, announced the acquisition of Billhop, a Stockholm and London payments firm licensed to operate across the European Economic Area and the UK.1 The deal fires a direct shot at rival Brex, which is being absorbed by banking giant Capital One, and signals that the race for European business spend is heating up fast.
What the Billhop Deal Means for Ramp
The acquisition of Billhop is primarily a licensing and infrastructure play.1
Billhop, founded in 2012 and headquartered in Stockholm, is a payments infrastructure provider that enables businesses to pay invoices by credit card, even to suppliers that do not ordinarily accept card payments. It holds a Swedish Payment Institution licence from Finansinspektionen, Sweden’s financial regulator, and is separately authorised and regulated by the UK’s Financial Conduct Authority. Those licences give Ramp what it could not quickly build itself: the regulatory standing to process payments across EEA member states and the UK as two distinct jurisdictions.1
Billhop, which employs around 15 people, is a payment infrastructure fintech operating across the EEA and UK.2 Financial terms of the Billhop acquisition were not disclosed. No acquisition price has been published by either party.1
This is Ramp’s first step outside the United States. Ramp will open its first international offices in London and Stockholm.3 Ramp also plans to build out its European team across go-to-market, partnerships, and operations roles in the coming months, with plans to more than double the size of its UK team within the next year.4
Ramp’s head of international, Jacob Wallenberg, and many members of its Europe team have spent most of their lives in the region.5 That local knowledge will matter in a market where corporate card use is lower and payment systems are much more fragmented than in the US.
Ramp fintech Billhop acquisition European expansion corporate spend management
Ramp’s Growth Story by the Numbers
Ramp’s rise has been nothing short of staggering. Here is a quick look at the company’s key milestones:
| Milestone | Detail |
|---|---|
| Founded | 2019, New York |
| Total Funding | $2.44 billion over 14 rounds6 |
| Latest Valuation | $32 billion (November 2025 Series E)1 |
| Annualized Revenue | Surpassed $1 billion in October 20257 |
| Total Customers | Over 50,0003 |
| Annual Purchase Volume | Over $100 billion3 |
| Total Customer Savings | Over $10 billion and 27.5 million hours3 |
In 2025 alone, the company leapt from being worth $13 billion to $32 billion.7 That kind of momentum, four funding rounds in a single year, is almost unheard of in today’s cautious investment climate.
The median Ramp customer saves 5% on spending and grows revenue 16% in the first year of using the platform, according to the company.
Why Europe and Why Now
Nearly half of Ramp customers already transact internationally across more than 180 countries every week.3 Ramp supports those global operations with worldwide payment capabilities as well as local currency cards and payments in Canada, Australia, Japan, Mexico, and Singapore.3
But until now, every one of those customers was signed up in the US. The Billhop acquisition makes it possible, for the first time, to sign up companies based in the UK and EU as primary customers.1
Beginning this summer, Ramp will onboard businesses headquartered in the UK and EU directly.3
The timing is strategic for two reasons. First, the European market Ramp is entering is materially different from the one it has built its US business on. Corporate card penetration in Europe is lower, B2B payment infrastructure is more fragmented across national markets, and the regulatory requirements for operating as a payment institution vary significantly by jurisdiction.1 That gap is an opportunity for a well-funded player like Ramp to move fast.
Second, the UK government has rolled out the red carpet. UK Chancellor of the Exchequer Rachel Reeves said, “We have the right economic plan, and Ramp’s decision demonstrates our country’s strength as a place for fast growing global businesses to invest and scale. Their new investment will support innovation, productivity and high value job creation, contributing to the UK’s long term economic growth.”3
Ramp CEO Eric Glyman: “We’ve spent years building Ramp into something the most ambitious US companies rely on. This summer, for the first time, companies headquartered in the UK and EU will be able to use Ramp directly.”
Ramp vs. Brex: The Rivalry Goes Global
The Ramp and Brex rivalry has defined the corporate expense management space for years. Now both are making their move on Europe at the same time, but from very different positions.
In January, Capital One announced a $5.15 billion deal to acquire Brex, Ramp’s long-time US rival and once the defining name in startup corporate cards.1 Brex, which was valued at $12.3 billion in 2022, agreed to sell to Capital One for $5.15 billion, less than half its peak valuation.1
With Brex’s newly acquired EU license, Capital One is positioned to launch a unified global corporate card and spend management system that spans North America and Europe.8 The transaction is expected to close in the middle of calendar year 2026.9
Here is how the two stack up heading into the European market:
| Ramp | Brex (Capital One) | |
|---|---|---|
| Valuation | $32 billion | Acquired for $5.15 billion |
| Status | Independent, venture-backed | Being absorbed into Capital One |
| European Entry Strategy | Acquired Billhop for UK and EU licenses | Secured EU banking license in 2025 |
| Customer Base | 50,000+ businesses | 25,000+ businesses10 |
| Revenue | $1 billion+ annualized | ~40% YoY growth reported |
Brex’s exit leaves Ramp as effectively the dominant independent spend management platform in the US market.1 But in Europe, the story is just starting.
Ramp’s move into Europe lands while Brex is navigating an acquisition by a traditional bank, and while the question of what happens to Brex’s product roadmap and founder-friendly positioning under Capital One remains unanswered.1
What European Businesses Should Know
If you run a business in the UK or EU, this matters to you directly. Starting this summer, Ramp will be open for sign-ups from European companies.
What Ramp brings to the table:
- Corporate cards with built-in spend controls
- Automated expense management and bookkeeping
- Vendor payment processing, even to suppliers who do not accept cards
- Procurement and travel booking tools
- AI-powered fraud detection and workflow automation
Ramp offers a financial operations platform that combines payments, corporate cards, vendor management, procurement, travel booking, and automated bookkeeping.4
For European businesses tired of juggling five different tools for spend management, invoice payments, and expense tracking, a single platform doing all of this could be a game changer.
Maciej Mylik, Finance and RevOps Lead at ElevenLabs, said, “To sustain that, we need systems that eliminate overhead rather than create it, and Ramp has become one of those systems. Seeing them expand their capabilities in Europe is exciting.”3
The corporate spend management war is no longer just an American story. With Ramp landing in London and Stockholm, and Capital One preparing to push Brex into Europe, the next 12 months will reshape how businesses across the continent manage their money. For founders and finance leaders watching from across the Atlantic, the question is not whether to pay attention. It is whether to get on the waitlist now. Drop your thoughts below and tell us which platform you think will win Europe.
