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.
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.
*The Ramp Visa Commercial Card and the Ramp Visa Corporate Card are issued by Sutton Bank and Celtic Bank (Members FDIC), respectively.
“A well-run district should not have to choose between getting work done at the school site and keeping control of the dollars behind it. We're not hiring more people to do more jobs, so we have to be smarter about the process. With Ramp, the purchase, the receipt, and the record stay together from the start. ”
Nick Brizeno
Director of Purchasing, San Marcos Unified School District
“AI is moving faster than the finance context around it. Prices change, models change, and the value is not always obvious from an invoice. We needed enough detail to know which bets deserved more investment — and which ones did not.”
Greg Cooley
Controller, AngelList
“Invoices, cards, tokens. The categories change but the principle doesn't: know where the money is going, remove the work around it, and make sure the spend is worth it.”
Maciej Mylik. Finance
ElevenLabs
“There's just no surprises anymore. No more waiting two months to find out how a job did. We know how it's doing as it's happening.”
Erich Kuss
Financial Systems Manager, Infinity Home Services
“More token spend isn’t proof that AI is working. Less isn’t proof that it isn’t. What matters is whether we’re buying the right level of intelligence for the work. Ramp lets us make that judgment in the same place we manage every other type of spend.”
Cody Nutt
Senior Director of Business Systems, Daxko
“Most banks treat the back office as a cost to keep down. We treat ours as a return to compound, which is why we run it on Ramp. Now we put our clients on Ramp, too.”
Patrick Gaughen
President & COO, Hingham Institution for Savings
“Browserbase builds infrastructure so AI agents can do real work. Ramp is doing the same for finance. It’s not another tool. It’s a system purpose-built for AI-driven finance, and that’s why we chose Ramp as our financial operating system from day one.”
Paul Klein IV
Founder & CEO, Browserbase
“We used to pay up to $20k a year for our AP platform. With Ramp, we’re earning back well over that amount. That's money that belongs to the mission now, not to the back-office software.”
Heidi Coffer
Chief Financial Officer, Boys & Girls Clubs of San Francisco
