Representative Gerald Connolly, ranking member of the U.S. House Oversight Committee, has formally launched an inquiry into fintech startup Ramp, amid suspicions of preferential treatment in its bid for a $25 million federal contract. Connolly has written to Stephen Ehikian, the acting administrator of the General Services Administration (GSA), seeking records and details relating to the agency’s planned contract award for a pilot project involving Ramp.
The inquiry underscores concerns that Ramp, despite having no prior experience in federal contract work, could potentially receive unfair advantages due to its connections with prominent investors tied closely to former President Donald Trump. Ramp’s backers include Peter Thiel’s Founders Fund; Keith Rabois from Khosla Ventures, who reportedly raised over $1 million for Trump’s 2024 campaign; Thrive Capital, founded by Josh Kushner—brother to Jared Kushner, Trump’s son-in-law; Joe Lonsdale of 8VC, a vocal Trump supporter; and Jeb Bush, former governor of Florida and brother of former President George W. Bush.
Connolly’s letter to Ehikian specifically requests an exhaustive list of all meetings and communications between any GSA representatives and Ramp employees, as well as related subcontractors or contractors. This comes after allegations surfaced, initially reported by ProPublica, indicating that Ramp had reached out to industry contacts regarding specialized banking identification numbers needed for government transaction processing before the contract’s request for information became public. Additionally, Connolly cited accounts from a GSA employee purportedly referring to Ramp as the front-runner for the contract.
The contract in question relates to a pilot program under the government’s expansive $700 billion SmartPay initiative, which facilitates internal expenses through official credit cards currently serviced by financial giants Citibank and U.S. Bank. Ramp, an expense management startup, had previously confirmed participation in the procurement process. A spokesperson for the company, Lindsay McKinley, earlier asserted that Ramp’s engagement began when they responded to a public X post from the Department of Government Efficiency—DOGE—highlighting federal spending statistics.
Ramp, founded in 2019, recently saw its valuation double to $13 billion in a secondary share offering, having secured more than $1 billion in equity and $700 million in debt funding to date. The company declined to comment further on the specifics of Connolly’s investigative action.
