Ramp (company) explained

Ramp Business Corporation
Type:Private
Founders:Eric Glyman (CEO)
Karim Atiyeh (CTO)
Gene Lee
Location:28 West 23rd Street
New York, NY 10010
U.S.
Industry:Fintech
Products:Corporate expense management platform, corporate credit cards
Homepage:ramp.com
Num Employees:850[1]

Ramp is a Manhattan-based multinational financial technology company that offers corporate charge cards, expense management, and bill-payment software.[2] As of late 2023, the company was projected to process over US$13 billion in payments annually.[3]

As of April 2024, Ramp was valued at $7.65 billion,[4] down from a high of $8.1 billion. Investors in the company include Thrive Capital, Goldman Sachs, Founders Fund, Khosla Ventures, Redpoint Ventures, 137 Ventures, BoxGroup, D1 Capital Partners, and Contrary, among others.[5] [6] [7]

The company's headquarters are in the Flatiron District of Manhattan, New York City.[8]

History

Ramp was founded in March 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee. Glyman and Atiyeh met as classmates at Harvard University and had previously founded price tracking app Paribus, which was acquired by Capital One in 2016.[9]

Glyman and Atiyeh talked with approximately 100 finance experts before launching Ramp's corporate card, finding that potential clients were unhappy with the inefficiency of existing methods for collecting receipts and logging expenses.[10]

The company was formally launched in February 2020[11] and reached $100 million in annualized revenue by early 2022. As of 2024, Ramp had reached $300 million in annualized revenue[12] with more than 25,000 businesses on its platform.[13]

In June 2024, Ramp secured $150 million in a Series D-2 funding round, maintaining its valuation at $7.65 billion. This round was co-led by Khosla Ventures and Founders Fund, among other investors.[14]

Notes and References

  1. Web site: Ramp Company Overview & News . 2024-08-06 . Forbes . en.
  2. News: 9 May 2023 . CNBC Disruptor 50 — 29. Ramp . en . CNBC . 11 October 2023.
  3. News: Clark . Kate . Ramp’s Down Round and Why Startups Should Let Employees Cash Out . 11 October 2023 . The Information . 17 August 2023.
  4. Web site: Azevedo . Mary Ann . 2024-04-17 . Ramp raises another $150M co-led by Khosla and Founders Fund at a $7.65B valuation . 2024-05-12 . TechCrunch . en-US.
  5. News: Biswas . Pritam . Fintech firm Ramp raises $300 mln at lowered valuation of $5.8 bln . 11 October 2023 . Reuters . 22 August 2023.
  6. Web site: Ramp announces Series D-2 capital raise . 2024-04-29 . Ramp . en.
  7. Web site: Sell or Invest in Ramp Stock Pre-IPO . 2024-07-30 . Nasdaq Private Market . en-US.
  8. News: Nehrign . Abigail . Fintech Startup Ramp Doubles Footprint With Move to 28-40 West 23rd Street . 11 October 2023 . Commercial Observer . 27 September 2023.
  9. Web site: Li . Steven . They Built Ramp Into An $8 Billion Company In Under 3 Years: The Inside Story Of How They Did It . 2023-12-29 . Forbes . en.
  10. News: 2023-05-30 . How Ramp’s Eric Glyman went from “a sheet of paper” to a 13,000+ customer fintech business in less than four years (Cornell Tech @ Bloomberg) Bloomberg . en-US . Bloomberg L.P. . 2023-12-29.
  11. News: Son . Hugh . 24 August 2021 . Corporate card start-up Ramp more than doubles valuation in five months to $3.9 billion . en . CNBC . 11 October 2023.
  12. Web site: Harris . Ainsley . 19 March 2024 . This company uses generative AI to generate savings for businesses . 23 March 2024 . Fast Company.
  13. Web site: 5 Years of Helping Business Save . 2024-03-23 . Ramp . en.
  14. Web site: Azevedo . Mary Ann . 2024-04-17 . Ramp raises another $150M co-led by Khosla and Founders Fund at a $7.65B valuation . 2024-07-30 . TechCrunch . en-US.

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