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Ramp cofounder and CEO Eric Glyman may lead an enterprise software company, but he’s not the type of guy who relishes the hard sell. (Ramp’s first sales hire, he says, was focused on customer success, not deals.) Instead, he likes to let Ramp’s products, including a corporate card and spend-management platform, do the talking. “We try to show the value first and let customers come to their own views,” Glyman says. A free calculator on the company’s website, for instance, predicts the dollar amount that prospective customers can expect to save if they switch to Ramp, based on their recent financials.
If last year is any indication, Ramp’s product-first, gimmick-free approach has struck a chord, especially with small-business owners. More than 13,000 businesses now use the platform, a threefold increase year over year. Ramp has issued more than 240,000 employee credit cards, providing the company with a steady stream of interchange income. In March 2022, Ramp disclosed that it had reached $100 million in annualized revenue.
In late 2021, after introducing Bill Pay, software capable of scanning invoices and using AI to automate bill-payment workflows, Ramp continued to introduce features that align with its mission of financial prudence and efficiency. It launched a travel-expense product, which lets its clients’ employees book corporate travel through any channel; Ramp automatically collates the receipts. For other expenses, Ramp has built integrations with Amazon Business, Gmail, and Lyft. Another new feature called Flex mimics the structure of buy now, pay later and gives businesses a low-cost way to spread out vendor payments. Ramp estimates that it has saved its customers $300 million to date.
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