March 21, 2022
News

Driving outsized results for customers with finance automation that scales

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Today, we’re announcing our biggest capital raise to date: $750 million in new funding, with $200 million in fresh equity financing and $550 million in debt financing. We are now serving thousands of businesses and will use the funds to invest in an even faster pace of innovation. We are here to help companies grow into better, more profitable versions of themselves—through finance automation that maximizes the output of every dollar and hour. 

Building a company that serves thousands of companies is a team sport, so I’m grateful to our community of investors, customers, and partners who’ve supported and guided us. Keith Rabois, Napoleon Ta, Delian Asparouhov, and the team at Founders Fund continue to be ardent champions and led this round. Thank you Iconiq, D1 Capital Partners, Thrive Capital, Redpoint Ventures, Coatue Management, Altimeter, Stripe, Lux Capital, Vista Public Strategies, Spark Capital, and Definition Capital for further investing in our customers as well. We’re thrilled to welcome General Catalyst, Avenir Growth Capital, 137 Ventures, Declaration Partners as investors and advisors. My thanks to Goldman Sachs and Citi for supporting us with new debt financing. 

Businesses deserve greater ROI from their time and capital

Ramp’s success has always been tied to our customer’s success. Through cutting inefficient spending, saving time, and automating busywork, Ramp is designed to help customers build better, longer-lasting businesses.

To date, we’ve helped finance teams and founders at over 5,000 companies save $135M and 3.5M hours of work, through the combination of automation that helps them close their books 8x faster, 1.5% cashback on every dollar spent, free expert software negotiations, built-in pricing intelligence, and more. That’s 4 centuries of work and years of revenue that we’ve unlocked for these teams.

Thanks to this kind of demand, we saw nearly 10x revenue growth in 2021, and Ramp’s business continues to accelerate. The number of people using Ramp grew by approximately 15x in 2021. We’re now welcoming around 10k cardholders every month, which is roughly the same number of cardholders we had after our first 2 years. We’re proud to be trusted by companies of all shapes and sizes – from startups like Morning Brew, 818 Tequila, and Italic, nonprofits like KIPP Public Schools and the IFDC, beloved brands like Madhappy and Faire, to large-scale businesses like Anduril, Avelo Airlines, Ro, and Marqeta.

The growth we’ve seen simply validates our founding hypothesis: all businesses deserve integrated finance systems that make the most of their time and capital. You shouldn’t have to pay for five different pieces of software—let alone five team members—to do work that could be effortlessly automated by one comprehensive tool.

Recent G2 recognition based on hundreds of reviews from happy customers

We’re delivering outcomes, not features

So that's why we’ve been building out our platform to give you control far beyond cards and spend management. Launched just six months ago, our payments tool Bill Pay is already the fastest-growing part of our business, underscoring the need for AP automation and integrated tools. We recently released our first product to streamline travel spending, introducing Ramp for Travel, to give employees the freedom to book anywhere while making sure they stay within limits. Our renewed partnership with the world’s leader in digital payments, Visa, means you can use Ramp anywhere Visa is accepted. Integrations with indispensable tools and services like Gmail, Amazon Business, and Lyft mean expense reporting is entirely hands-free. Coming soon: flexible capital solutions for e-commerce and more. We’re bringing all of these capabilities together in one thoughtfully designed, customer-centric platform.

But this isn’t good enough. Anyone can build features (and those who don’t, including many legacy credit card companies, are seriously misaligned with their customers). 

As leaders and operators, you’re ultimately on the hook for key outcomes, whether it’s establishing a business, scaling exponentially, or improving your margins. Features like metal cards, zero-touch expenses, and fast bill payments are worthless if you’re not hitting your numbers. 

Your business deserves a partner that will ally with you on outcomes, not features. With this raise, we’re saying that Ramp is here to be that partner. We’ll use the funds to double-down on financial solutions that drive every stage of growth:

Start

Build your business on a strong foundation. Create a modern finance stack with cards, expenses, payments, and accounting tools that are ahead of their time.

Scale

Secure the funds you need to grow, with 20x higher limits and flexible payment options. Deploy your hard-working capital with tools that let you approve and control spend in real-time.

Streamline

Achieve a new level of productivity when you connect Ramp to all the tools you already use, enabling efficient onboarding, collaboration, travel, accounting — and peace of mind.

Save

Save your business's most valuable assets for your biggest bets. Spend an average of 3.3% less and close your books 8x faster by leveraging Ramp’s pricing intelligence, AI-driven spend insights, and unlimited 1.5% cashback.

In many ways, this raise harkens back to our roots. Gene, Karim, and I founded Ramp because we saw a need for financial companies to align with their customers’ interests, not those of the credit card industry. It led to us committing to straightforward 1.5% cashback instead of confusing points. It led to us building bill pay, a travel solution, reimbursements, and robust accounting workflows, which were all requests that we received from our customers. We built Ramp by listening to your feedback, and want to do everything we can to keep building tools to make your business more successful. 

We will continue to commit to delivering outcomes that matter to your business. We’re leaving no stone unturned: new automation, innovative financing, and integrated services are all on the roadmap to save you even more time and money. See how our solutions map to your business goals on the newly redesigned ramp.com (built on Webflow—another Ramp customer).

Unlock finance-led growth with Ramp

In a post-pandemic age, companies will need greater operational and fiscal discipline. With employees more distributed than ever, the old way of managing finances through manual, disjointed tools and chasing people for paper receipts is obsolete. Add on pressures from the current market reset in the midst of several global crises, and it’s clear that businesses need immediate solutions.  

The companies that are going to emerge stronger will be the ones that increase their velocity. Their teams will move faster because they can see the big picture, thanks to a real-time view of company financials. Their employees will have a greater impact because they can easily access capital to fund the work that drives the highest ROI. These organizations will become the next vintage of companies to watch and emulate. 

This way of operations will usher in a new wave of growth, which we’re calling “finance-led growth.” In this environment, where improving the bottom line is imperative, Ramp is the strongest solution on the market to help you save. Let us go to work for you

P.S. Next Monday, we’re getting together with Packy McCormick from Not Boring for a special fireside chat & AMA where we’ll dive into all of these topics. Join us!

Learn how Ramp strengthens your finances

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Eric Glyman
Co-founder & CEO, Ramp

Eric is the co-founder and CEO of Ramp. He previously co-founded Paribus, a digital tool that automates price protection and shipping guarantees at online retailers (acq. in 2016 by Capital One). Eric is an active New York-based angel investor. He graduated from Harvard with a BA in Economics and East Asian Studies, and was raised in Las Vegas.

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Meet our customers

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Learn more about Ramp

Streamline approvals.
Review requests, pre-approve expenses, and issue general expense cards in a few clicks – or directly in Slack. Delegate approvals and empower your team leads to spend on the things they need and control their team’s expenses.
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Issue instant cards.
Unlimited virtual and physical cards with built-in spend limits, instantly available for everyone in your team. Define spend rules and let your smart cards enforce your policies automatically. No more surprises or under-the-radar spending.
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See spend as it happens.
Stop waiting on monthly statements or manual spreadsheets. Find, browse, and download real-time transactions from any employee, department, or merchant – on any device.
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Close your books 5x faster.
An accounting experience by finance teams, built for speed and efficiency. Automate manual processes and start enjoying instant reconciliation – Ramp does all the heavy lifting.
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Trim wasteful spend.
Ramp analyses every transaction and identifies hundreds of actionable ways your company can cut expenses and alerts your team via email, SMS, or Slack. It’s like having a second finance team, laser-focused on cutting costs.
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Consolidate reimbursements.
Ramp makes it easy to reimburse your employees for any incidental out-of-pocket expenses. Review, approve, and pay employees back for anything that didn’t make it onto a card with the rest of your Ramp transactions.
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