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.”
“We're accountable to our funders, our partners, and the families we serve. That accountability starts with how we manage every dollar. Ramp makes it easy for our team to spend wisely, track in real time, and keep overhead low so more resources reach the families navigating infertility.”
Rachel Fruchtman
CFO, Jewish Fertility Foundation
“Each member of our team has an outsized impact due to our focus on using high-leverage tools like Ramp.”
Lauren Feeney
Controller, Perplexity
“With Ramp, we haven’t had to add accounting headcount to keep up with growth. The biggest takeaway is that instead of hiring our way through it, we fixed the workflow so we can keep supporting the organization as we scale.”
Melissa M.
VP of Accounting at Brandt Information Services
“In the public sector, every hour and every dollar belongs to the taxpayer. We can't afford to waste either. Ramp ensures we don't.”
Carly Ching
Finance Specialist, City of Ketchum
“Compared to our previous vendor, Ramp gave us true transaction-level granularity, making it possible for me to audit thousands of transactions in record time.”
Lisa Norris
Director of Compliance & Privacy Officer, ABB Optical
“We chose Ramp because it replaced several disparate tools with one platform our teams actually use—if it’s not in Ramp, it’s not getting paid.”
Michael Bohn
Head of Business Operations, Foursquare
“Ramp gives us one structured intake, one set of guardrails, and clean data end‑to‑end— that’s how we save 20 hours/month and buy back days at close.”
David Eckstein
CFO, Vanta
“Ramp is the only vendor that can service all of our employees across the globe in one unified system. They handle multiple currencies seamlessly, integrate with all of our accounting systems, and thanks to their customizable card and policy controls, we're compliant worldwide. ”
Brandon Zell
Chief Accounting Officer, Notion
