2022 has been a tumultuous year for many fintech startups. But it was a year of opportunity for Ramp.
The company today announced a fourfold increase in revenue last year. This is fueled by the desire of companies of all sizes and stages to better manage spending and save costs, explained co-founder and CEO Eric Glyman.
“With one of the fastest interest rate rises in U.S. history and a higher cost of capital, businesses have realized they need to get the most out of every dollar,” he said.
Last July, Ramp revealed that it surpassed $100 million in annual revenue before celebrating its third birthday in March of that year. Glyman declined to share his latest sales numbers this week, only pointing out that the business continues to grow.
Notably, executives also claimed the startup, which has secured $670 million in equity financing and $700 million in committed debt funds since its inception in 2019, still “has the most cash.” [equity] The “funds received so far” are still on the balance sheet.
We are intentionally lean and currently operate with 464 staff and no layoffs.
Glyman says Ramp is not yet profitable because it aims to be efficient but is focused on growth.
“We expanded our profit contribution and accelerated our revenue further,” he told TechCrunch.
Over time, Ramp said it helped customers save more than $400 million. With “hundreds of thousands of users,” he counts over 15,000 businesses and onboards about 1,000 users a day.
Notably, Ramp says it’s working with increasingly large companies, along with competitors such as Brex and Navan (formerly TripActions). As such, the company’s customers are mostly mid-market companies, but it also attracts late-stage private companies such as Attentive, as well as public companies such as EventBrite. Other customers include Betterment, Waymo, Deal, Webflow, Barry’s Bootcamp, Caraway, TaskRabbit and Quora.
According to Glyman, Ramp supports a “variety” of businesses, including tequila brands 818, airlines, farms, manufacturers and even steel mills. He also attributes the business growth in part to what competitors are doing. For example, Brex made the infamous announcement last summer that it would stop working with small businesses and unfunded startups.
“We believe that our customers value a company and its character and what they have been doing over the years, not just in the moment,” Glyman said. “I think companies often ask their colleagues who they would recommend if other players in the market are not serving them or changing their behavior rapidly.”
Ramp is currently not looking to raise more capital, he added.
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