Cited by: CapitalG, Contrary Capital (investor), Redpoint Ventures (investor)
Total raised: $170 million in equity, $150 million in debt financing
What it does: Ramp helps companies better oversee their spending and accounting with credit cards, expense management, and real-time reporting.
Why it’s promising: “The spend-management tool kit today is fragmented across vendors (cards, expenses and reimbursements, bill pay, etc.), leading to inefficient controls and extra work for finance teams. Ramp has the audacious vision of unifying nonpayroll spend into a single platform and building a set of tools optimized for saving customers money (the average customer saves 4% of expenses in addition to cash back), rather than maximizing transaction volume,” said Jesse Wedler, partner at CapitalG.
“Ramp is the ‘second rodeo’ for the founders. They previously sold Paribus, another fintech company, to Capital One. The Ramp team knows what they’re doing and has built an exceptional product in just a couple of years,” said Eric Tarczynski, founder and managing partner at Contrary Capital.
“Their software enables companies to easily issue virtual cards, manage spending rules and approvals, identify cost-saving opportunities, classify expenses and obtain receipts just to name a few. The ubiquitous love for the product and the velocity at which they have continued to add new features and capabilities is off the charts,” said Emily Man, investor at Redpoint Ventures.