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Easy-to-use cards, spend limits, approval flows, vendor payments —plus an average savings of 5%.1
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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, 1.5% 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.”

The Ramp team is comprised of subject matter experts who are dedicated to helping businesses of all sizes work smarter and faster.

Ramp is dedicated to helping businesses of all sizes make informed decisions. We adhere to strict editorial guidelines to ensure that our content meets and maintains our high standards.

FAQs

How Alexandra Lozano Immigration Law prepared for scale with Ramp

"I used to have to call our card provider and sit on the phone for a couple hours a week, I don’t have to do that with Ramp.”
Wayne Robinson, CFO, Alexandra Lozano Immigration Law

How Ramp helped Smart City Apartment Locating save time, expedite month close, and grow sustainably

"Five to 15 hours each month of non-value-add activities are off my plate. I’m able to be a strategic advisor versus just a tactical manager when it comes to spend management.”
Dustin Walsted, VP Finance, Smart City Apartment Locating

How TaskHuman built their runway with Ramp

“I’ve pretty much seen or used everything that’s out there, everything does something Ramp does, but nothing does everything Ramp does.”
Matthew Ferguson, Controller, TaskHuman

How First Tee transformed its bookkeeping and saved time with PwC and Ramp

"The efficiency of using PwC Bookkeeping Connect, coupled with the Ramp platform, has probably been about 75% time savings. Instead of every hour I would have had to spend on bookkeeping, I’m probably having to spend maybe 10 or 15 minutes.”
Dan Burke, CEO, First Tee San Francisco

How Mix Talent cut costs, gained transparency, and improved efficiency with Ramp

"I use Ramp’s functionality to examine the contracts and understand whether we’re getting the best terms, as opposed to just trying to get the bill paid. Ramp has allowed us to project cash flow so much better."
Paul Streitenberger, Accounting & Finance Lead, Mix Talent

How The Joffrey Ballet cut their month-end close time with Ramp

“One of the things I was looking for, and which Ramp has done for me beautifully, is to consolidate credit cards, ACH payments, check payments, and reimbursements into one place and give us a full picture for insights."
Gee Hoon Lim, Director of Finance, The Joffrey Ballet

How Beyond sped up reconciliation time 8x faster with Ramp

“With Ramp we close in 5-6 days, which is pretty quick for a company with four different subsidiaries."
Jake Steele, Senior Staff Accountant, Beyond