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.”
“I assumed I would have to choose between speed and control. What I found is that you can have both. A well-designed system takes friction out, for the finance function and for everyone else.”
Justin Webster
CFO, Denver Broncos
“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
“We weren’t trying to retrofit an old finance system. We had a blank canvas, and Ramp gave us the foundation to build a global finance function of the future.”
Justin Dourado
Director of Finance, Othership
“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
