![]() With this data, it should have the ability to tell who’s paying too much on a line-item basis, and one day, to redirect customer spend to better-priced vendors. The launch of Bill Pay means that Ramp has visibility into spend that doesn’t touch the card, too. The product’s landing page already says, “Eliminate the headache of buying software- let Ramp do it for you. It’s not a big leap to make to imagine a world in which customers hand over software buying decisions to Ramp. Buyer by Ramp has begun negotiating software contracts on its customers’ behalf. Īnother of Ramp’s mini-apps is Buyer, which Ramp acquired in August. I think it’s the first example of transactions as mini-apps. Ramp recently launched Ramp for Travel, a cool but seemingly minor new solution that lets companies manage Travel spend automatically, in a decentralized way. When businesses spend money – a $100 trillion market – Ramp can monetize via interchange, as it does today, but it can also suggest better places to spend or even automatically redirect spend, and take an affiliate cut when appropriate.Īs more spend is automatically orchestrated with software, as opposed to starting with a search and ending in a manual purchase, whoever controls the transaction controls the flow of dollars. Ramp has the opportunity to own the transaction layer for businesses. That transition will happen in business spend first – businesses are more likely to buy based on specs than individuals are. Advertisers pay it a fee each time someone clicks.Īt some point in the future, automation will overtake manual purchases. When people want to find something, they go to Google, and Google can send them to the right place. Google built a monster business by owning the search layer. There’s a very good chance I’m being overly optimistic. This is the third time I’ve written about Ramp, and I didn’t understand the parallels with Google until now. It’s also the first to try to help its customers spend less, an important distinction in the future I think it’s building. But it’s the best corporate card company at building technology, and the best technology company with a corporate card. Ramp isn’t the first corporate card, or even the tenth. When Ramp is Worth $1 trillion, People Will Look Back at This Picture It’s just a snapshot in time of one of the companies I appreciate the most, and a look ahead at what it might do in the future. Ramp is a portfolio company, but this is not a sponsored deep dive. And it wouldn’t be a Ramp story without insiders doubling and tripling down whenever they get the chance. Plus, there’s something fascinating about following one company through its journey from the early days into an octocorn (I’m sorry) that’s set to become one of those all-time special ones. It was worth ~$250-300 million then it’s worth $8.1 billion now. Less than a year after writing about Ramp the last time, there’s a much bigger story to tell.īy the numbers, when I wrote about Ramp in December 2020, the company had just passed $100 million in transaction volume – money spent on its cards today, it’s sharing that it already crossed a $100 million revenue run rate. ![]() When Ramp CEO Eric Glyman called a couple months ago to let me know they were raising a round and ask if I’d want to write about it, my initial reaction was “Let me think about it.” I’d never written about a company other than Ramp twice, let alone three times.īut then Eric and I got to talking about updates and growth and the new things they were working on and how the round came together and all of the little details that go into making the Ramp story so compelling.
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