Ramp today announced $150 million in debt financing from Goldman Sachs to fuel growth for Ramp, a corporate card focused on helping businesses spend less money and automate their finances. Goldman Sachs Bank USA provided the credit line to Ramp.
The news follows the appointment of Srinath Srinivasan as Head of Risk at Ramp last month. Srinivasan previously worked at Goldman Sachs and was deeply involved with developing credit underwriting for the Apple Card. Earlier this year, Nik Koblov also joined Ramp to lead Risk and Underwriting Engineering. Before joining Ramp, Koblov served as the VP of Engineering at Affirm and as a Vice President in Credit Technology at Goldman Sachs.
“We are thrilled to work with Goldman Sachs for our first debt capital facility," said Eric Glyman, CEO, Ramp. “The funding from Goldman Sachs will allow us to accelerate our rapid growth and serve more customers as America’s fastest growing corporate card and spend management platform.”
Based on industry analysis, Ramp is the fastest corporate card company in history to reach $100M in transaction volume, and grew monthly transaction volume significantly year over year—with meaningful acceleration towards the end of 2020. While technology startups were early adopters of Ramp, today the company works with a wide array of industries spanning healthcare, construction, nonprofit, retail, agriculture, and legal services. In less than a year, Ramp saved customers more than ten million dollars through its proprietary software that identifies ways for businesses to spend less on its vendors, cash back on all purchases, accounting automation, and deep vendor discounts.
Last month, Ramp launched an advanced expense management platform that allows companies to automate policies and approvals with machine learning, while employees can track and organize all purchases, including transactions not made with a Ramp card. Since its launch, over 30% of Ramp customers have cancelled existing third party expense management subscriptions and have recognized further savings in doing so.
Ramp has raised over $200 million in debt and equity since its launch in February 2020. Investors in Ramp include Founders Fund, Coatue Management, D1 Capital, and over 50 CEOs and finance leaders from leading companies like Warby Parker, Twitch, Away, Opendoor, Plaid, and Rent the Runway.
“Eight Sleep previously relied on American Express for its corporate card and Expensify as our expense management system,” said CEO, Matteo Franceschetti, Eight Sleep. “Ramp was a complete game changer. It’s a single platform that can handle every aspect of our spending - including things that aren’t paid for with a card. This has led to immense savings - both in terms of dollars and time for our finance team. Given our success with the product so far, it’s no surprise to see the company is growing the way it is.”
“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
“Switching to Ramp for Bill Pay saved us not only time but also a significant amount of money. Our previous AP automation tool cost us around $40,000 per year, and it wasn’t even working properly. Ramp is far more functional, and we’re getting the benefits at a fraction of the cost.”
Frank Byers
Controller, The Second City
