Sources detail how Ramp investors Joe Lonsdale and Keith Rabois pushed US lawmakers to probe rival Airwallex's China ties after Airwallex scrapped a Ramp deal

Fintech firms face new geopolitical risks that can disrupt deals and invite regulatory scrutiny.

In April 2025, Ramp co-founder and co-CEO Eric Glyman learned that a significant deal was collapsing. This development occurred after investors Joe Lonsdale and Keith Rabois allegedly lobbied U.S. lawmakers. Their efforts reportedly focused on investigating rival fintech Airwallex, specifically targeting Airwallex's business dealings in China. The alleged motivation behind this lobbying campaign was Airwallex's prior decision to terminate a business agreement with Ramp. The article suggests a connection between the termination of the Ramp deal and the subsequent scrutiny faced by Airwallex from U.S. legislative bodies, influenced by key figures associated with Ramp.

This situation highlights the increasingly intertwined nature of global business, technology, and geopolitics. The alleged actions by Ramp's investors demonstrate how private financial and political influence can be wielded to target competitors, particularly concerning their international operations and ties to regions like China. Such tactics can create significant operational and reputational challenges for companies like Airwallex, potentially impacting their market access and growth strategies.

The incident underscores a broader trend where companies operating in the competitive fintech space must navigate not only market dynamics but also a complex web of regulatory and political pressures. The involvement of U.S. lawmakers suggests a growing appetite for examining cross-border financial activities, especially those involving entities with perceived links to geopolitical rivals. This may lead to increased compliance burdens and strategic re-evaluation for companies with significant international footprints.