Ramp, a Fintech firm offering corporate credit cards has secured $25 million in capital and has managed to onboard almost 100 companies for its product launch. Ramp has been established by the team that founded Paribus, a leading consumer finance solution provider that was acquired by Capital One back in 2016.
Ramp’s investors include experienced financial technology investor Keith Rabois from the Founders Fund. Coatue, BoxGroup, Conversion Capital, Soma Capital, Backend Capital, and more than 50 startup entrepreneurs also took part in the firm’s latest round.
Ramp aims to compete for market share with newly launched Fintech firm Brex and major players like American Express.
Instead of encouraging clients to increase their spending, Ramp’s USP includes card usage analytics designed specifically to assist firms in identifying unnecessary spending and expenses.
The card’s benefits are meant specifically for high-growth firms, as they don’t come with any requirement for personal guarantees. The card’s users are entitled to 1.5% unlimited cashback, and high limits which is balanced out with spend control capabilities.
Nick Greenfield, CEO at healthcare tech firm Candid, stated:
“Ramp did an audit for us at no cost and found over $250,000 in savings right out of the gate. 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.”
Ramp’s team has a diverse background from companies in the Fintech sector, such as Affirm’s former vice president of engineering, executives from Plaid and Atrium, and product engineers from Facebook’s AI research team. Ramp’s team members also come from the Google research division, 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. 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.”