Latest news with #EricGlyman
CNBC
3 days ago
- Business
- CNBC
6. Ramp
Founders: Eric Glyman (CEO), Karim AtiyehLaunched: 2019Headquarters: New York CityFunding: $1.2 billionValuation: $13 billionKey Technologies: Artificial intelligence, machine learningIndustry: FintechPrevious appearances on Disruptor 50 list: 2 (No. 32 in 2024) When companies are under pressure to do more with less, managing spend becomes a top priority. Ramp, a financial operations platform, is part of a growing number of tools designed to automate that process by streamlining payments, cutting costs, and freeing up finance teams to focus on strategy instead of spreadsheets. Since its launch six years ago, Ramp has become one of the fastest-growing players in the space. It now serves more than 30,000 U.S. companies, ranging from startups like Olipop to large enterprises like CBRE and ZipRecruiter. The company issues credit cards and automates expenses and accounting. It makes money from credit card interchange fees and software subscriptions. "Our core value proposition is helping businesses achieve more with less and spend less, which went from a-nice-to-have to truly the difference between whether you would exist or not in 2022 and 2023," CEO Eric Glyman told CNBC in March. At a time when others in Silicon Valley have had to cut back, Ramp has managed to raise more money. In March, the company secured a $150 million secondary deal led by Khosla Ventures, Thrive Capital and General Catalyst that valued the company at $13 billion. The spend management space has also become more crowded with players like Brex, Navan, Expensify, Mesh Payments, Airbase and Center fighting for market share all while competing against legacy players such as American Express, SAP Concur and Ramp's new additions will be critical to its continued growth. Over the past year, Ramp has doubled down on its focus on enterprise companies and added new features. In January, it launched Ramp Treasury, which allows companies to earn 2.5% on idle operating cash. It also acquired Venue, an AI-powered procurement software startup, and used it to roll out new vendor payment tools. In June, it debuted Ramp Travel, partnering with Priceline to use AI and automation to streamline and simplify the process of booking and managing expenses for corporate travel, moving into a space squarely in the sights of fellow Disruptor Navan. Other product launches include App Center, which deepened integrations with popular enterprise tools like Microsoft Dynamics, Workday, and QuickBooks Desktop. Internally, Ramp promoted two executives to top roles, naming Will Petrie to CFO and Geoff Charles to chief product officer. It also opened a new San Francisco office to expand its talent base. Ramp now employs more than 1,000 people.
Yahoo
04-03-2025
- Business
- Yahoo
Fintech firm Ramp finalises secondary share sale at $13bn valuation
Ramp has secured $150m through a secondary share sale, which valued the US financial operations platform at $13bn. The sale saw the participation of new and previous backers such as Stripes, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures, and Definition Capital. They bought Ramp secondaries from employees as well as early investors. Ramp claims to have saved its customers over $2bn and 20 million hours so far. The company now powers over $55bn in annualised payment volume across card transactions and bill payments, compared with $10bn in January 2023. Between January 2024 and January 2025, Ramp launched three marquee product lines: Ramp Procurement, Ramp Travel, and Ramp Treasury. Additionally, the company introduced the Ramp App Center, which has over 200 integrations from more than 75 technology partners. Ramp Plus, the company's 'premium software tier', has seen over 30% adoption among new 'customer cohorts'. The company named its new customers include notable companies such as CBRE, Crumbl, Notion, OLIPOP, Pave America, Repipe Specialists, Sbarro, Spindrift, Vanta, and ZipRecruiter. Since its inception with a corporate card in 2019, Ramp has diversified its offerings to include six distinct product lines, with expense management, bill payments, procurement, travel booking, and treasury services. Three of these product lines were launched in the past year, and 'nearly half of Ramp customers now use more than one product', the company release said. With a customer base of over 30,000, Ramp is planning to speed up product development with a focus on AI capabilities in 2025. Ramp CEO and co-founder Eric Glyman said: "We're obsessed with one goal: giving businesses back their time and money. Every product we build, every feature we launch, is focused on eliminating financial waste and busywork so companies can run more profitably. AI is fundamentally changing how businesses operate, and we're ensuring our customers are at the forefront of this transformation." Glyman added: "In the next five years, we'll look back at how companies run their finances today and it will feel as outdated as manual bookkeeping.' "Fintech firm Ramp finalises secondary share sale at $13bn valuation " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
