As markets have cooled down, we’ve seen a wide range of reactions from financial services. Some companies have offboarded tens of thousands of companies that seemingly didn’t provide enough financial return, leaving customers to find another bank account with just 60 days notice. Others have chosen to quietly reduce the value of the rewards they offer their customers (1 → 2 → 3), rewarding loyal customers with diminishing value. And some legacy institutions have hardly reacted to customers’ shifting needs…even as years have passed by.
Screenshots of the American Express credit card page in May 2020 and July 2022, respectively
Ramp has consistently increased value delivered to customers
In February 2020, Ramp launched with a counterintuitive mission: help customers spend less. We are resolute in our mission to save customers their most valuable resources—their team’s time and their shareholders’ capital.
At Ramp, we believe customers should come to expect more from their financial service partners each year. Not less. I’d like to take some time to lay out:
- How much financial impact Ramp has driven for customers
- What we’ve released recently to deliver even more value
- The increasing demand we’ve seen from businesses as a result
Quantifying Ramp’s financial impact
We measure ourselves by how much money and time we save our customers.
As of July 2022, Ramp has helped customers, from small businesses to enterprises, reduce their spend by more than $200 million. The 7,000+ businesses using Ramp are today, in aggregate, realizing $1 million in cost savings per day. This daily average has grown by almost 50% in just the last 100 days.
We’ve put more than $200M in total back in the accounts of businesses.
With Ramp, companies finally know where employees are spending and what their highest-ROI efforts are. Financial savings stem from:
- Straightforward cashback: Get 1.5% on every purchase made with your Ramp virtual and physical corporate cards
- Tools consolidation: Our finance automation removes the need for separate vendors across corporate cards (e.g. American Express, Brex), expense management (e.g. Expensify, Concur), bill pay (e.g., Bill.com), travel management (e.g. TripActions, Egencia), and accounting automation
- Real-time insights: Remove duplicate subscriptions and find better pricing with our automated alerts
- Greater spend management control: Manage your team’s spending down to the merchant level with multi-layered approvals and industry-leading controls
- Flexible capital: Finance more growth with our 30-day working capital cycles
- Negotiation services: Save an average of 27% on your contracts with the help of our Buyer team
- Partner rewards: Access a deep partner network of rewards, representing over $350,000 in value available to every Ramp customer
Ramp customers have saved 3,586,868 hours, and counting.
We’re also helping customers save time:
- Expense management: Receipts are turned in by employees within 30 minutes of purchase on average, compared to industry average of 3-4 weeks of purchase
- Receipt matching: Employees enjoy zero-touch receipt collection through Gmail, Lyft, and Amazon Business integrations
- Month-end close: Finance teams are closing their books 8x faster and with greater accuracy, thanks to our QuickBooks, Sage Intaact, NetSuite, and Xero integrations
- Workflow automation: Spend controls, multi-layered approvals, and expense policies streamline employee, merchant, and vendor experiences
Take Causal, a business planning platform that helps customers model and visualize their data. Closing the books went from taking 15 hours to 5 hours per month once they switched from Brex to Ramp. Real-time visibility of how much employees are spending on their cards and invoices is improving the team’s forecasting.
What we’ve released recently to deliver even more value
Today, Ramp is the highest rated spend management platform on the market.
We engage deeply with our customers’ finance teams, owners, and employees to understand where they could be spending less time or money, and improve our platform rapidly based on our learnings. Our corporate card has also become the fastest growing in America because of our alignment with customers and our industry-leading pace of product delivery.
Business leaders are being asked to do more with less. Rather than shifting course when businesses need a partner like Ramp the most, we’re doubling down and pushing the boundaries of our finance automation to help customers save even more. Features like our Gmail integration are helping teams regain valuable time by automating over 60% of their receipt submissions. Our recently launched commerce-based underwriting is unlocking access to credit limits that are up to 30x higher than traditional offerings. And our industry-first Stripe App is helping digital-native businesses get a single view into their money in and money out.
Next month, we look forward to announcing one of our biggest expansions to the Ramp platform yet. While others are reducing value available to customers, we believe this is a critical time for businesses like Ramp to deliver more value to businesses.
Ramp has more than doubled revenue in 2022 due to increased demand
Ramp’s ability to help businesses spend an average of 3.5% less is uniquely appealing and valuable to businesses in this macroeconomic climate. It is why Ramp has continued to grow at a rapid pace, bolstering our long-term commitment to customers.
Last month, Ramp closed 38% more new business than we did the month prior. We grew across all customer segments: ~300% in enterprise segment, ~50% in mid-market, and ~22% in SMB. The amount of new business that Ramp closed—from new customer sign-ups—in June is also more than double that figure just six month prior, meaning that Ramp is continuing to grow at an increasingly large scale. Revenue has grown twofold since our last fundraise. We’re grateful for the opportunity to support more businesses and are committed to helping them do more with less and thrive in these times.
How Ramp can help you deliver on your goals
The time to focus on your capital efficiency is now. Start by taking these actions:
- Improve your team's productivity: Give your teams the tools they need to automate tedious expense reports and close books 8x faster.
- Consolidate your tools. Don’t use two tools when one will do. With Ramp’s AI-powered bill payments and reimbursements, you don’t need Expensify or Bill.com.
- Cut wasteful spending. Get insights on where you could be saving. Save on software costs with the help of our expert contract negotiators and price intelligence.
Ramp is here to be your long-term partner. Others in the industry are pulling back, but we'll continue to invest in helping you cut wasteful spending and save time so you can get back to leading your business.