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Over the years , Ramp has progress a name for itself in the corporate card and disbursal direction distance . It ’s branched out into travelling , Federal Reserve note pay , and more , whileraising over $ 1.2 billionin venture financial support .
Today , the six - twelvemonth - old fintech startup is harbinger a different kind of expansion — one that carry it into more of the digital camber district — with a newfangled product called Ramp Treasury .
In a nutshell , Rampaims to give its customers a way to make money and not just save cash , explains CEO and co - father Eric Glyman , in an sole consultation with TechCrunch .
“ We looked at checking accounts and depositary that clients had join to Ramp and realized that the immense majority were earn 0.00 % interest , ” he tell . Ramp Treasury , Glyman bestow , is design to turn alongside a client ’s survive banking company report , not supercede them .
With Ramp ’s new Treasury production , business can store hard currency in a business account and earn 2.5 % or in a money market stock for potentially higher return . They can have quicker approach to their hard cash to pay bills , he said , considering cash stored in the business report is liquid .
As with other fintechs operate in the blank , Ramp is not a depository financial institution but rather is partner with bank on the offering , Glyman emphasise . The startup is partnering with First Internet Bank of Indiana on the Johnny Cash repository account and Apex on the investment side .
Ramp go in a crowded blank that include a horde of competitors such as Mercury , Brex , Navan , Rho , and Mesh Payments . Brex , perhaps the most well - known of the bunch , at one metre years ago hadapplied for a money box charterbefore later optingnot to go that route .
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For its part , Ramp is not aim to be a digital bank . But the step into offer a treasury bill is a big one for the company that is wait to boost Ramp ’s bottom line , Glyman tell . It ’s also helping it become more of a one - stay workshop for its customer by permit them to keep more of their immediate payment in one place rather than move it around between dissimilar entity and report .
For now , the company is last out mum on its revenue figures . In March 2023 , Glyman distinguish TechCrunch that Ramp saw its taxation grow by 4x in 2022 — led by its fastest - rise segment of bill wage — but was not yet profitable . The company had crossed$100 million in annualized revenuebefore its third birthday in March 2022 and said in the summer of 2023 that it had pass along $ 300 million in annualized revenue .
Today , Glyman divvy up only that Ramp now has more than 30,000 customers , up from about 15,000 this time last year , and that it powered over $ 50 billion in purchases across cards and bill payment . About 18 month ago , that frame was closer to $ 10 billion , harmonise to Ramp .
The company primarily pee money from exchange fee lodge for every swipe with a Ramp card as well as from transaction fee on bill defrayal . It also realize SaaS revenue from customers who kick upstairs to its Plus offering , through foreign exchange from outside money apparent movement , affiliate fee when trajectory or hotels are booked through its change of location Cartesian product , among other thing .
With the accession of its Treasury product , Ramp will also garner a feast from its bank cooperator on aggregate balances across all investment trust held in a customer ’s business report .
“ We go on much of this back to the customer in the configuration of the earn pace we promote , but we do maintain some economics to ensure profitability , ” Glyman said .
Ramp is one of the few large fintechs that has not had to lay off employees in recent years , although like most others , its rating has taken a hit from previous highs . Last April , itraised $ 150 millionin a round lead by Khosla Ventures and Founders Fund at a post - money valuation of $ 7.65 billion . That funding did bring it back nearer to the$8.1 billion valuationit had accomplish in March of 2022 .
The startup crossed the 1,000 employee home run by the end of 2024 , Glyman said — up from 730 at the clip of its raise last April .
look ahead , Glyman said Ramp is eyeball an IPO in the long term .
“ We are just try out to build a great business , regardless if it ’s private or public , ” he state .
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