The center of the corporate spend management market has shifted. On March 13, 2026, Ramp, a New York-based financial operations platform with a valuation of $32 billion, declared its acquisition of Billhop, a payments firm based in Stockholm and London, licensed for operations in the European Economic Area and the UK. This acquisition equips Ramp with the regulatory infrastructure needed to directly onboard European and British businesses, planned for this summer.
The timing is calculated. In January, Capital One announced its $5.15 billion acquisition deal for Brex, Ramp’s long-time US competitor. The acquisition is anticipated to conclude in Q2 2026. Ramp’s European expansion coincides with Brex’s acquisition by a traditional bank, raising questions about Brex’s future product direction and its founder-friendly approach under Capital One.
This acquisition of Billhop focuses on licensing and infrastructure. Billhop, established in 2012 and headquartered in Stockholm, provides payment infrastructure that allows businesses to pay invoices via credit card to suppliers who don’t generally accept card payments. It holds a Swedish Payment Institution license from Finansinspektionen and is authorized and regulated by the UK’s Financial Conduct Authority. These licenses allow Ramp to process payments across EEA states and the UK.
As part of this acquisition, Ramp will establish its initial international offices in London and Stockholm. Currently, it serves nearly half of its clients with international payment capabilities, supporting transactions in over 180 countries and offering local currency cards in Canada, Australia, Japan, Mexico, and Singapore, although these clients are all US-headquartered businesses. The acquisition enables direct enrollment of UK and EU-based companies as primary customers for the first time.
Eric Glyman, Ramp’s co-founder and CEO, stated, “We’ve developed Ramp for ambitious US companies. For the first time this summer, UK and EU-based companies can use Ramp directly. Typically, a Ramp customer saves 5% and sees 16% revenue growth in their first year. Europe hosts extraordinary companies. We are eager to start.”
Niklas Bothén, Billhop’s CEO, appointed in 2024 and former COO since 2020, viewed the acquisition as an expansion of Billhop’s mission. “Billhop aims to eliminate friction in B2B payments and simplify business spend management. Joining Ramp lets us fulfill that vision on a larger scale.”
Ramp’s vast platform, which includes corporate cards, expense management, vendor payments, procurement, travel booking, and automated bookkeeping, processes over $100 billion in annual purchases and is used by more than 50,000 customers. The company asserts that since its founding in 2019, its customers have saved over $10 billion and 27.5 million hours collectively. In November 2025, it raised a $312 million Series E round, pushing its valuation to $32 billion.
The backdrop to these developments is a changing market. Brex, valued at $12.3 billion in 2022, opted to sell to Capital One for $5.15 billion, less than half its peak valuation. This markdown reflects the period where Brex’s core startup clientele reduced spending due to dwindling funding, whereas Ramp, with a diverse customer base and a focus on savings and efficiency, continued its growth trajectory.
Ramp reached $1 billion in annual recurring revenue in October 2025. Brex’s exit leaves Ramp as the leading independent spend management platform in the US market.
The European market Ramp is venturing into differs significantly from its US counterpart. Corporate card usage in Europe is lower, B2B payment infrastructure is more fragmented, and regulatory demands for operating as a payment institution differ greatly by jurisdiction. Billhop’s model effectively addresses the friction that hinders US-centric spend management platforms from establishing a foothold in Europe.
The financial details of the Billhop acquisition remain undisclosed.