Update as of Monday, March 13th, 4:15 PM ET
A few days ago, we took action to support Ramp customers and the broader community who banked with SVB. As of today, SVB customers have regained access to their funds. We are glad to have supported our customers when they needed it and will continue to support you in this next phase, whether it’s by helping link your new bank accounts to Ramp or providing priority referrals to leading bank partners.
Message published on Saturday, March 11th
This is a uniquely stressful situation for those who bank with SVB. We want to share what Ramp is doing to support our customers through this challenge and provide options to those in need of immediate assistance.
What Ramp is doing to help our customers
Payment deferrals:
Note as of March 13: We are pausing payment deferrals in most cases as customers have access to their funds at this time.
If you’re facing a liquidity challenge because your business maintained funds at SVB and need more time to pay your Ramp balance, please reach out to us at https://app.ramp.com/support/submit-ticket. This is the last thing we want you to worry about.
Stable spend limits: Our aim is to ensure you can continue to spend and run your business as close to normal as possible. We’ve stabilized spend limits for Ramp customers who have SVB accounts, regardless of your current bank account balance.
Easy connections to new corporate bank accounts: Many organizations have transferred assets to alternative banks in the past few days and are looking to connect that to Ramp. To help make it easier and quicker to connect alternative banks and accounts to Ramp we’ve updated our bank linking flow. If you’ve opened new accounts in the last week, you can connect them to Ramp in just a few clicks here.
Ramp Flex—pay vendors that are not accepting card: If you need access to short term credit to pay vendors where payment by card isn’t accepted, we are here to help. Ramp Flex* is available to help customers obtain funds immediately to pay vendors and help with priority liquidity needs with 30, 60 and 90-day terms at competitive rates. You can check your company’s eligibility status 24/7 at app.ramp.com/financing.
Throughout this weekend, I am personally on standby alongside the rest of the Ramp team. You can reach us by submitting a ticket at https://app.ramp.com/support/submit-ticket or work with your account manager.
Additional ways we hope to support all affected businesses
We are offering options to help all businesses with credit and liquidity through our network.
Get a card** that's backed by your securities: If you or those in your network need new cards, Ramp will take into account the deposits and non-cash holdings you have with SVB to provide spending power as you work to regain access to your assets. For folks who need to spend now and have a blocked SVB card, our hope is to allow you to continue to run your business with minimal interruptions.
Introductions to reputable banks:We work with some of the most reliable banking partners in the industry, such as Goldman Sachs Bank USA, TD Bank N.A., and BMO who have dedicated resources to support Ramp customers with account opening. To get started, reach out to [email protected] with your company’s legal name and needs.
We’re standing by: We want to be able to extend spend capacity to organizations that need an alternative provider quickly. Our support and customer activation teams are working through the weekend to prioritize requests based on need.
Even if you’re not a Ramp customer, we are here and eager to help. To get started ASAP, you can start your application here, no need to book a call.
At Ramp, our focus is always on our customers. Normally, that focus is on saving customers time and money, and now, it’s about helping them manage this challenging situation. The Ramp team is hard at work for all businesses that need a long-term partner to support their financial operations.
*Loans issued by Ramp Financing Corporation and/or Lead Bank. Visit ramp.com/flex for more info.
**The Ramp Visa Commercial Card and the Ramp Visa Corporate Card are issued by Sutton Bank and Celtic Bank (Members FDIC), respectively.
“We’ve simplified our workflows while improving accuracy, and we are faster in closing with the help of automation. We could not have achieved this without the solutions Ramp brought to the table.”
Kaustubh Khandelwal
VP of Finance, Poshmark
“Our previous bill pay process probably took a good 10 hours per AP batch. Now it just takes a couple of minutes between getting an invoice entered, approved, and processed.”
Jason Hershey
VP of Finance and Accounting, Hospital Association of Oregon
“When looking for a procure-to-pay solution we wanted to make everyone’s life easier. We wanted a one-click type of solution, and that’s what we’ve achieved with Ramp.”
Mandy Mobley
Finance Invoice & Expense Coordinator, Crossings Community Church
“We no longer have to comb through expense records for the whole month — having everything in one spot has been really convenient. Ramp's made things more streamlined and easy for us to stay on top of. It's been a night and day difference.”
Fahem Islam
Accounting Associate, Snapdocs
“It's great to be able to park our operating cash in the Ramp Business Account where it earns an actual return and then also pay the bills from that account to maximize float.”
Mike Rizzo
Accounting Manager, MakeStickers
“The practice managers love Ramp, it allows them to keep some agency for paying practice expenses. They like that they can instantaneously attach receipts at the time of transaction, and that they can text back-and-forth with the automated system. We've gotten a lot of good feedback from users.”
Greg Finn
Director of FP&A, Align ENTA
“The reason I've been such a super fan of Ramp is the product velocity. Not only is it incredibly beneficial to the user, it’s also something that gives me confidence in your ability to continue to pull away from other products.”
Tyler Bliha
CEO, Abode
