Ramp raises $30 milion as the fastest growing corporate card in America
We’re excited to share that Ramp has raised $30M from D1 Capital and Coatue Management, with participation from existing investors like Founders Fund. Prior Ramp investors include the founders and CEOs at companies like Warby Parker, Twitch, Away, Opendoor, Plaid and Rent the Runway.
Since the beginning of the pandemic, Ramp has increased the number of businesses that work with us by well over ten fold. We’re proud to share that Ramp reached $100M in transaction volume faster than any other corporate card, with exponential growth in the last few months. One out of every four dollars that have flowed through our platform occurred within the last thirty days.
From day one, our mission has been to help businesses spend less. We could have never anticipated that our economy would be impacted by a global pandemic, causing business priorities to shift overnight. Companies want to ensure dollars are leveraged efficiently - no duplicate licenses, no overpaying for subscriptions, and no duplicate tools that essentially do the same thing. While other cards incentive companies to spend more to earn more points, we believe a dollar saved is worth more than any amount of points. Spending less means a stronger bottom line, more money to spend on people, and a solid foundation for the future.
Software first, card second
Corporate cards are just the start. To help companies be more efficient we’re building sophisticated software to address the entire spend management process. We build wide ranging tools that are focused on visibility (because what is measured is managed) and sophisticated controls. Just last month, we unveiled vendor management as our latest effort to help companies forecast spend, which allows companies to predict and manage future recurring transactions.
Today we are sharing another important product milestone at Ramp. Our platform can now serve as a complete expense management system that handles any transaction and can fully replace any existing system. Many of our customers testing our robust new platform have already said goodbye to their existing expense software like Expensify and Concur and standardized on Ramp. With unlimited virtual and physical cards, companies can expect most transactions will already be automatically expensed and the remainders will now be easy to add.
Ramp serves a diverse customer base and thousands of finance professionals at companies and organizations like Planned Parenthood of Montana, Red Antler, Ro, Rarebreed Veterinary Partners and ClickUp, across a wide array of industries. We’ve received outstanding feedback from the businesses that we work with, which has led to Ramp being the highest rated corporate card on G2 and other review platforms.
“We believe Ramp’s differentiated focus and exceptional team will help it redefine an entire category by pushing the limits of what a corporate card can do,” said Dan Sundheim, founder of D1 Capital Partners. “We are confident in their vision for the future and dedication to changing the way businesses think about their finances and operations.”
"We are proud to partner with Ramp, and we believe they are forging a new path in corporate credit cards and expense management,“ said Dan Rose, Chairman of Coatue Ventures. “We have been impressed with Ramp’s rapid growth to date and are excited to see the team’s increased expansion and traction as they continue to inflect.”
We’ve also been busy building a world class team and welcomed new hires from companies including Affirm, Goldman Sachs, Capital One, Slack, and Square. Just this month, Miriam Mark has joined Ramp as VP of Sales. She previously oversaw sales, account management and growth enablement teams, and had executive responsibility for over 50% of revenue at WeWork. Meanwhile, Srinath Srinivasan has joined as Head of Risk. He previously led credit strategy for the Marcus and the Apple Card teams at Goldman Sachs. If you too are passionate about our mission and would like to join our team, check out our careers page.
This is just the beginning for Ramp, as we use our latest round to bolster our product, reach more businesses, and build out a new model for how companies think about their finances and spending. Reporters that want to get in touch can email us at [email protected] and businesses that want to get started with Ramp can apply now on our website.