The Bombshell Probe That Could Shake Up Fintech

Washington just dropped a political grenade in Silicon Valley’s lap. Rep. Gerald Connolly (D-VA) is tearing apart Ramp’s playbook for a massive $25M federal contract – and what he’s uncovering smells like political dynamite.

“This isn’t just about expense management – it’s about whether powerful insiders are rigging the game.”

DC insider speaking anonymously

The Smoking Guns

• ZERO government experience – Ramp’s never handled a federal contract before
• Trump connections everywhere – From Thiel to Kushner’s brother to major GOP donors
• Backchannel moves – Alleged pre-RFI discussions about payment processing
• “Favorite” status – GSA staff reportedly tipping Ramp to win

Connolly’s Demands: The Paper Trail Hunt

The Oversight Committee ranking member isn’t playing games. His letter to GSA demands:

• Every meeting record between Ramp and GSA
• All communications about the contract
• Full disclosure of evaluation criteria

Why This $700B Program Matters

SmartPay isn’t just another contract – it’s the federal government’s credit card system handling:

• 4.6M active government cards
• 90M annual transactions
• $40B in annual spend

“We’re competing based on merit in a standard procurement process.”

Lindsay McKinley, Ramp Communications Head

The Billion-Dollar Question

With Ramp’s valuation recently doubling to $13B and over $1.7B in total funding, this investigation could:

• Torpedo their government ambitions
• Expose potential procurement loopholes
• Spark wider fintech regulation debates

BOTTOM LINE: This isn’t just about expense software – it’s a high-stakes battle over government contracting, political connections, and whether Silicon Valley’s disruptors can play by Washington’s rules.