Ramp (company)

Last updated
Ramp Business Corporation
Company type Private
Industry Fintech
FoundedMarch 2019;5 years ago (March 2019)
FoundersEric Glyman (CEO)
Karim Atiyeh (CTO)
Gene Lee
Headquarters28 West 23rd Street
New York, NY 10010
U.S.
ProductsCorporate expense management platform, corporate credit cards
Number of employees
850 [1]
Website ramp.com

Ramp is a Manhattan-based multinational financial technology company that offers corporate charge cards, expense management, and bill-payment software. [2] The company is headquartered in the Flatiron District of New York City. [3]

As of late 2023, Ramp was projected to process over US$13 billion in payments annually. [4] In April 2024, Ramp was valued at $7.65 billion, [5] 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. [6] [7] [5] [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. [2] In 2023, Ramp was named to the CNBC Disruptor 50 list. [2]

As of 2024, Ramp had reached $300 million in annualized revenue [12] with more than 25,000 businesses on its platform. [13] That June, it 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]

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References

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