Event: 2023 Phocuswright Conference
Product: Ramp
HQ: New York, NY U.S.
Principal(s): Eric Glyman, Karim Atiyeh
Funding: 5.8B valuation and over $1.5B raised in equity and debt funding. Investors include Thrive Capital, General Catalyst, Lux Capital, Definition Capital, Sands Capital
Product Description: Ramp is the ultimate platform for modern finance teams. From spend management and expense management software, to bill payments and vendor management, Ramp’s all-in-one solution is designed to automate finance operations and build healthier businesses. Over 15,000 businesses have switched to Ramp to cut their expenses by an average of 5% and close their books 8x faster.
Business Model: There are three ways Ramp monetizes:
1. Interchange: Ramp provides businesses with a corporate card, and takes a portion of the interchange from every purchase.
2. SaaS: Mid-market and enterprise users on Ramp pay per user to access advanced controls on Ramp.
3. Auxiliary fees: Ramp charges a fee for international payments and financing.
Competitors: Fragmented spend management process: traditional corporate cards, expense management software, spreadsheets.
Competitive Edge: Ramp is the only spend management platform designed to save time and money. By consolidating card, travel, expenses, and accounts payable—finance teams can control spend before it happens. By switching to Ramp, businesses cut their expenses by an average of 5% and close their books 8x faster.
Market Opportunity: Companies suffer with siloed card and expense management solutions, creating inefficient, burdened finance teams that lack control over spend. This in turn saddled employees with monotonous, low-value work.
Ramp combines intelligent spend management software and corporate cards to help our customers build more sustainable businesses. No other company gives finance teams instant access to powerful software that allows them to confidently manage their entire flow of business spend in real time.
Early Customers: Visionary startups and industry leaders use Ramp. Customers include: Shopify, Sierra Nevada, Eventbrite, Discord, Barry’s, Anduril.
