Financial Technology Startup Ramp Gains Favor with Trump Appointees
Financial technology startup Ramp, backed by influential Silicon Valley figures including Peter Thiel and Elon Musk allies, has been meeting with Trump appointees at the General Services Administration (GSA) to potentially secure a $25 million pilot program for the government’s $700 billion internal expense card program, known as SmartPay.
Ramp, which sells corporate credit cards and AI software for businesses to analyze spending, published a 4,000-word blog post titled “The Efficiency Formula” just before Trump’s inauguration. The post echoed ideas promoted by Trump and Musk about tackling wasteful government spending through commonsense business techniques. Although Ramp appears to have no existing federal contracts, the company’s CEO and an investor suggested that Ramp could help government agencies manage their budgets.
Within Trump’s first three months in office, Ramp executives met privately with the president’s appointees at GSA at least four times. The meetings were organized by Josh Gruenbaum, the nation’s top procurement officer and commissioner of the Federal Acquisition Service. GSA is considering Ramp for the SmartPay program, which provides Visa and Mastercard charge cards to government employees for purchases up to $10,000.
GSA officials, led by Gruenbaum and acting administrator Stephen Ehikian, believe that SmartPay is rife with fraud or waste, causing significant losses. However, GOP and Democratic budget experts, as well as former GSA officials, describe this view as ill-informed. They argue that SmartPay is well-run with exceptional levels of oversight and fraud prevention.
The GSA spokesperson refuted any suggestion of unfair contracting practices, stating that the “credit card reform initiative has been well known to the public in an effort to address waste, fraud, and abuse.” Ramp did not respond to requests for comment.
Ramp’s backers include powerful Silicon Valley figures with ties to Trump and Musk. Peter Thiel’s firm, Founders Fund, has invested in seven separate rounds of funding for Ramp. Other major backers include Keith Rabois of Khosla Ventures and Thrive Capital, founded by Joshua Kushner, brother of Trump’s son-in-law Jared Kushner.
The special attention given to Ramp by GSA leadership has raised concerns about contracting safeguards. Scott Amey, general counsel with 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.”
The potential $25 million pilot program for Ramp is part of a larger initiative by the Trump administration to centralize government procurement within GSA. The outcome could significantly impact daily life for federal employees and how agencies operate, representing a substantial business opportunity for Ramp if successful.
