Business depends on corporate credit cards to make reservations and quick purchases of equipment and online supplies. Executives use them to pay for meals, conference registrations, and other business and travel-related expenses. Ramp is a new startup that provides clients with corporate cards and more. The fintech startup also provides finance tools for paying bills, making accounting integrations, and managing expenses. Don't feel bad if you've not heard of it yet. It's a brand new startup that has only been in business for a few years. To help you become more familiar with this fast-growing startup, here are twenty things you probably didn't know about Ramp.
1. Ramp is a fintech company
Crunchbase confirms that Ramp is listed as a multi-faceted technology business. It specializes in fintech, finance, and financial services. Ramp provides corporate cards along with a finance automation platform that helps organizations spend less time with financial management and accounting, and less money completing the processes. It's designed to streamline financial management processes with its unique tools. Ramp offers far more than corporate cards.
2. Ramp is an infant company
Ramp is a new startup that is still in its infancy. The organization launched its operations in 2019. Ramp is entering into its third year of business as of 2022, but it's advanced far more than most new businesses for the amount of time it's been in operation. Ramp is one of the fastest-growing startups in New York City. It's growing in size and reaches, and prospering as an established and stable business, which is rare for a company with less than three years under its belt.
3. Ramp uses a complex array of technologies to power its website
Ramp's design team set up a website that uses a complicated assortment of technologies to ensure that visitors enjoy a smooth and seamless experience while using the website. Thirty technologies are distributed across eighteen technology products and services. Some of them include jQuery, Google Analytics, HTML 5, Domain Not Resolving, Font Awesome, SPF, and several others. Ramp has not shared the annual budget for IT expenses, but based on our experience, it easily runs into the tens of thousands for subscriptions to the services. It's the cost of doing business.
4. Ramp's web traffic has grown impressively
Ramp is attracting attention to its products and services through its website. The analytics report for the site shows an encouragingly high volume of web traffic. In the past thirty days, 328,105 people visited the website. The Ramp website is ranked number 136,631 among the millions of websites registered on the worldwide web. The business is growing at a rapid pace when compared with other new companies.
5. Ramp is the most popular in the United States
Most visitors to the Ramp website are from the United States. Ninety-four percent of the web traffic is from viewers and users in this country. One percent of the visitors are from the United Kingdom, reflecting a massive 716.01 percent monthly visits growth. One percent of visitors are from Canada with an 8.09 percent growth rate. One percent are from Mexico with a 122.64 percent monthly visits growth and one percent of visitors are from India.
6. Ramp has a strong executive leadership team
The executive leadership team at Ramp is composed of fifteen members. Eric Glyman is co-founder and chief executive officer. Karim Atiyeh is co-founder and chief technology officer. Gene Lee is co-founder and chief product officer. Diego Zaks is the creative director. Brad Gustafson is the accounting channel partnerships lead. John Collins is head of content and communications. Srinath Srinivasan is the head of risk. Megan Yen is the head of business and revenue operations. They are joined by seven others in the executive management and leadership team. Ramp successfully established a powerful leadership team.
7. Ramp invests in other organizations
Ramp is doing so well that it invests in other startups. The company has made three investments although it's only been in business for less than three years. In October of 2021, it invested in Karbon Card's seed round of fundraising which raised $12 million. Ramp invested in a seed round of fundraising for Pluto in February of 2022, raising $6 million. Most recently, Ramp invested in Karbon Card's Series A round of fundraising that raised $15 million from investors.
8. Ramp has made one acquisition
One of the ways that companies grow and expand their operations is through acquisition. On August 24, 2021, Ramp acquired a company called Buyer. The price that Ramp paid for ownership of the company is not disclosed, but it's assumed that Buyer will continue to function as a subsidiary of its parent company Ramp. Buyer is a company that provides a platform for negotiation-as-a-service for large purchases including annual software contracts, and more. The company's headquarters is in Victoria, British Columbia, Canada.
9. Ramp is an investor-backed organization
Ramp has participated in eight rounds of investor-backed fundraising. The most recent round of Series C fundraising closed on March 21, 2022. The total amount raised by Ramp is $1.4 billion. It's fascinating and unusual that a company less than three years old has participated in so many fundraising rounds. It qualifies as a late-stage venture-capital-backed organization at a developmental stage when many companies are struggling to attract their first wealthy investors.
10. Ramp has secured high investor confidence
Investor confidence in Ramp's ability to provide a healthy return on investments is apparent. The new startup has attracted and secured funding from thirty-nine investors. Four of them are lead investors. The most recent to join the efforts in a Debt Financing round include Declaration Partners and Spark Capital. They are joined by 137 Ventures, D1 Capital Partners, Redpoint, Founders Fund, a lead investor, Altimeter, Iconiq Capital, Citi, Vista Public Strategies, and dozens of others.
11. Ramp is a unicorn company
Techcrunch confirms that Ramp went over and above what most new startups accomplish within two years of its launch. Investors funneled $115 million into the company, then added an extra $300 million just five months later. The previous valuation of Ramp was $1.6 billion before the Series C funding round. The most recent activity doubled the valuation to an incredible $3.9 billion. Ramp achieved unicorn nearly four times over. Unicorn companies are an elite group that reaches a valuation of at least $1 billion or more and Ramp has gone beyond the requirements and done so quickly.
12. Ramp's clientele is multiplying exponentially
There is a hunger for financial management tools in the business world. We're seeing evidence of that with the increase in the numbers of cardholders going with the products and services offered by Ramp. Analytics show that Ramp offered its first corporate card in the Fall of 2019. The startup saw the number of cardholders through the company increase five-fold in just two years. By early 2021, Ramp served 2,000 corporate clients with its primary spend management product. On top of that, the volume of transactions has increased at a rate of 1,000 percent in its year-over-year assessment, with a tripling of usage within a few months.
13. Ramp serves businesses of all sizes
Ramp serves companies from small startups just getting started to unicorns. Some of the biggest companies in the world use Ramp's financial management systems and corporate cards. Some of them include Planned Parenthood, Ro, Better, Applied Intuition, ClickUp, Douglass Elliman, Bristol Hospice, Walther Farms, DoNotPay, and thousands of others. Executives at Ramp are forecasting an even larger push with the fastest growth expected to arrive in the months to come if it keeps up the current pace.
14. Ramp offers customized financial services
Ramp's acquisition of Buyer adds yet one more dimension to the products and services it offers potential clients. Buyer has a small team of ten persons but it offers a proactive and customized approach to service for its customers when making large purchases. Clients receive individualized attention to help them negotiate the rates down on high-dollar purchases, to save them even more money. Buyer is top-notch in negotiating contracts and it gets customers the best possible deals on anything that you can buy with a card. The average savings is 27 percent for contracts for Software-as-a-Service purchases.
15. Ramp helps clients save money through multiple channels
We were impressed with the number of ways that a corporate card with Ramp saves its clients time and money. The platform helps businesses to analyze spending. It also helps them to discover the many ways they can spend less. For example, the software allows clients to find duplicate subscriptions. It also identifies redundancies in licenses, which is common in large businesses, and it helps them find better pricing for expenditures as they occur. Ramp offers a savings of twenty percent. It's accomplished by changing from a monthly rate to an annual rate. It helps them save by discontinuing multiple financial management software programs including Bill.com, Concur, Expensify, and others by providing an expense management platform with an average of 3.3 percent savings. Ramp also pays its clients 1.5 percent cash back on everything they use the corporate card to purchase.
16. Ramp offers clients multiple features
CEO Eric Glyman shares that the Ramp corporate card offers a host of features that most other cards do not. It's an innovative solutions platform that makes additions of features that are the most useful. The most recent addition is a merchant blocking feature that has turned out to be the feature that companies use most often. Ramp is continually improving on its products and services.
17. Ramp is preparing for a growth spurt
Glyman shared that the new capital infused into Ramp is designated for growing the business. The company plans to increase its 150-member staff to add more workers. It's already grown from a team of just 65 at the start of the year, adding nearly 100 more. The highest expenditures include hiring new workers, followed by enhancing software development. Ramp plans to add more features to its products and expand into a larger segment of the B2B payments segment and increase marketing awareness. Ramp is on the move and continues to improve and evolve to meet changing needs of its clientele.
18. Ramp plans to make more acquisitions
Ramp has plans to kill two birds with one stone. Leadership confirmed its strategic plan for the future. The company includes making more acquisitions of existing companies to add to its growing stable of subsidiaries. We anticipate hearing more about the companies it buys in the months ahead. Ramp gains in two ways through acquisitions. Buying companies decreases the competition for its products and services, and it expands its operations, offering new and exciting products and services without reinventing the wheel.
19. Ramp is currently hiring
We visited Ramp's LinkedIn page and discovered that the company has multiple new jobs listed. All of the positions are for workers in the New York City area of the United States. Ramp has listed sixty-three openings. It's making good on its commitment to increase its workforce
20. Ramp is a privately held organization
You won't find shares of Ramp stock listed on any of the public stock exchanges. Ramp's founders have not yet filed for an IPO for taking the company public. Ramp does not need to sell stock. The company gets all the funding it needs from its private investors. Our research has not turned up any indications of plans to go public in the future, but you never know. Although it's only open to private investors, Ramp is a startup to keep your eye on. The forecasts suggest that this is just the beginning of its growth and expansion. We may be looking at the next American decacorn shortly.
Written by Allen Lee
Read more posts by Allen Lee