Inside Ramp: From 2019 to Now Into a $1.4 billion business
Startup Type:
Headquarter: New York City, USA
Current Status: Active (private; valued at $8B+ as of 2023)
Founders: Eric Glyman, Karim Atiyeh, Gene Lee
Founded Year: 2019
Investors: Founders Fund, Coatue Management, Stripe
Funding Raised: $1.4 billion
What Is the business model of Ramp?
Corporate finance platform offering businesses a corporate card paired with expense management software that makes money through interchange fees and SaaS subscriptions, while touting cost savings insights
How Ramp got started?
Launched in 2019 as a corporate card startup promising to help companies spend less, founders built Ramp after their previous startup exit, applying learnings to streamline business expenses and automate accounting tasks
what growth strategy has Ramp followed?
Gained momentum by offering 1.5% cash back and free expense management, winning over startups and finance teams frustrated with legacy expense processes, leveraged viral marketing around saving customers money, helping it become one of the fastest-growing fintechs in the US
what are the top products/features of Ramp
Ramp corporate Visa card, expense management software, bill payments and accounting integrations
what was the biggest challenge faced by Ramp?
Competing with well-funded rivals in the corporate card/expense software space (like Brex) while trying to maintain a reputation for encouraging cost savings (cutting against the typical incentive to drive more spending)