Trump's $700B Bet On Ramp: The $13B Startup Poised To Take Over Government Payments With $25M Pilot Deal

Ramp, a $13 billion fintech startup, is making waves as it seeks to play a significant role in overhauling the U.S. government‘s $700 billion SmartPay program.

According to ProPublica, Ramp is positioning itself as a key player in modernizing federal expense management with backing from tech heavyweights like Peter Thiel and connections to Elon Musk‘s circle.

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A Strategic Pitch to the Trump Administration

Just days before President Donald Trump‘s inauguration, Ramp CEO Eric Glyman and investor Kyle Harrison published a blog post titled “The Efficiency Formula,” advocating for the application of business efficiency techniques to federal programs plagued by waste and fraud. This move aligned with the administration’s focus on streamlining government operations.​

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Within the first three months of Trump’s term, Ramp executives secured multiple private meetings with officials at the General Services Administration, including top procurement officer Josh Gruenbaum. These discussions centered around Ramp’s potential involvement in the SmartPay program, which handles internal expense cards for federal agencies. ​

The $25 Million Pilot Program

The GSA is considering Ramp for a pilot program worth up to $25 million, aiming to test new approaches to managing government expenses. This initiative is part of a broader effort to address inefficiencies and potential fraud within the SmartPay system. However, some experts have raised concerns about the expedited process and the appearance of favoritism toward Ramp.​

Scott Amey, general counsel at the Project on Government Oversight, said this “goes against all the normal contracting safeguards that are set up to prevent contracts from being awarded based on who you know.”​

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Despite the raised eyebrows, GSA maintains a clean face. They've pushed back against any whisper of bias or favoritism, stating the initiative has been transparent and public from the start, wrapped in the justification of fighting waste, fraud, and abuse.

Ramp’s Impressive Growth and AI Integration

Since its founding in 2019, Ramp has experienced rapid growth, now serving over 30,000 businesses and processing $55 billion in annual payments. The company’s AI-driven platform aims to automate financial operations, reducing manual tasks and improving efficiency.​

Glyman emphasized Ramp’s mission, saying, “We’re obsessed with one goal: giving businesses back their time and money.” He added, “AI is fundamentally changing how businesses operate, and we're ensuring our customers are at the forefront of this transformation.”

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In addition to its core offerings, Ramp recently launched a new product called Ramp Treasury, aiming to give its customers a way to earn money and not just save cash. This move takes Ramp into more of the digital bank territory, allowing businesses to store cash in a business account and earn interest while maintaining liquidity to pay bills.

Political Connections and Investor Influence

Ramp’s investor roster includes prominent figures with ties to the Trump administration, such as Thiel’s Founders Fund and Thrive Capital, founded by Joshua Kushner, brother of Trump’s son-in-law, Jared Kushner. These connections have sparked discussions about the influence of political affiliations on federal contracting decisions.​

As the GSA moves forward with the SmartPay pilot program, all eyes are on Ramp and its potential to reshape how the federal government manages its vast expense operations.

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