NEW YORK, Feb. 12, 2020 /PRNewswire-PRWeb/ -- Ramp (http://www.tryramp.com), the first corporate card that's built to save businesses money, launched publicly today and announced that it has raised $25 million in funding. Ramp was founded by the team behind Paribus, a consumer finance startup acquired by Capital One in 2016. Ramp investors include veteran fintech investor Keith Rabois of Founders Fund, who has led the company's funding and joined Ramp's board, along with Coatue, BoxGroup, Conversion Capital, Soma Capital, Backend Capital, and over 50 leading startup founders. Now available to the public, Ramp offers enterprise-grade corporate cards that help companies grow more and waste less. At launch, every Ramp customer will be eligible for over $150,000 in partner credits -- the highest sign-up offer available of any card program on the market -- and the most valuable cashback program available to startups.
By building a corporate card that helps companies spend less, Ramp is delivering a differentiated approach to a market that represents $700 billion in spending each year in the U.S. Traditional cards incentivize companies to spend more by tying benefits and rewards to spending. Ramp is cutting up the card industry and forming the pieces into a product that's aligned with what's best for customers. Based on card usage data, Ramp shows businesses where their money is going, where they're spending too much, and how to stop overspending. The card's benefits were designed with high growth companies in mind, requiring no personal guarantees, 1.5% unlimited cashback, and high limits balanced with complete spend control.
"For businesses, a dollar saved is 100x better than a reward point earned. So Ramp focuses on reducing burn instead of rewarding wasteful spend. We believe this is much more aligned with the long-term success of our customers," said Eric Glyman, Ramp's CEO and co-founder. "We're not trying to rebuild your bank. We're working to make your business more efficient."
Ramp was founded by Eric Glyman and Karim Atiyeh, the same team who built, scaled, and sold Paribus to Capital One, spearheading Capital One's push into saving technologies. This group at Capital One enabled automated savings on online purchases, and puts over $100 million back in consumers' pockets every year. As Glyman and Atiyeh came to understand more about how corporate cards worked, they realized that rewards represented a fraction of the value that could be created by helping companies identify and act on waste. They wanted to have the same impact on the corporate world that Paribus had on consumers.
To design Ramp, the founders spent time with hundreds of founders, executives, and finance teams at fast-growing companies to understand the problems that modern founders and finance teams experience. The result is a card that is built for companies attempting to grow efficiently.
"Ramp did an audit for us at no cost and found over $250,000 in savings right out of the gate," said Nick Greenfield, CEO of healthcare technology company Candid. "That, plus Ramp's 1.5% cashback on top, is far more valuable than any rewards program, and has been a gamechanger for our 400 person company."
As a testament to the need for Ramp and the value it provides, a cross-section of America's fastest growing startups like Candid, Better, and Ro are using the company's card. Furthermore, 50 startup founders at leading companies, representing over $100B in market capitalization, have invested in Ramp. Ramp's team includes experienced operators with deep expertise in finance and technology, including Affirm's former VP of Engineering, the first business hires from Plaid and Atrium, and engineers from Facebook AI Research, Google Research, Capital One, Goldman Sachs, Apple, and Lyft.
"Most companies in Silicon Valley are quite wasteful with their spending, however, without access to the corporate card, it is difficult to enact change," said Rabois. "This team has the perfect DNA to create the card that smart CFOs use, as opposed to creating a card that relies on gimmicks like rewards to attract customers. We at Founders Fund are thrilled to support this company."
About Ramp
Ramp (http://www.tryramp.com) is the only corporate card that helps companies spend less. The card analyzes card usage to help companies identify savings and offers no personal liability, 1.5% cashback, limits 10x-20x higher than the competition, and extensive accounting integrations. Founded by the team behind Paribus which was acquired by Capital One, Ramp is proudly headquartered in New York City and has raised $25 million to date.
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SOURCE Ramp
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