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2022 was a tumultuous year for many fintech startups. But it was a lucky year for Ramp.
The company shared today that it saw revenue grow 4x last year, as co-founder and CEO Eric Gleiman said companies of all sizes and levels are looking to save money by better managing their costs.
“With one of the fastest interest rate hikes we’ve seen in American history and the cost of capital rising, companies realized they had to make the most of every dollar,” he said.
Last July, Rump revealed this. crossed 100 million dollars in annual revenue Before the third birthday in March of that year. Gleeman declined to share revised revenue figures this week, noting only that the business has grown — led by the fast-growing accounts payable division.
Especially the executive start-up Safe 670 million dollars in equity financing and $700 million in committed debt support Since the start of 2019 – still has “most [equity] Funds” is still “received” on the balance sheet.
It has continued to lean on purpose and is currently operating with 464 employees and has yet to make any layoffs.
Ramp is focused on growth with the goal of being profitable, so it’s not yet profitable, Gleeman said.
“We’ve grown our contribution to profit and our bottom line much faster,” he told TechCrunch.
Over time, Ramp says it has helped its customers reduce costs by more than $400 million. It counts more than 15,000 businesses as customers for “hundreds of thousands of users” and is onboarding about 1,000 users per day.
Specifically, like some of its competitors in the space like Brax and Navan (formerly TripActions), Ramp says it’s increasingly working with larger companies. So while most of its customers are middle-market businesses, it’s attracting many late-stage private companies like Attentive and publicly traded ones like EventBrite. Other clients include Betterment, Waymo, Deel, Webflow, Barry’s Boot Camp, Karawe, Task Rabbit and Kura.
Gleiman says Rump supports a “wide variety” of businesses, including tequila brand 818, airlines, farms, manufacturers and steel mills. He believes that the growth in the business is partly due to the actions of the competitors. For example, Brakes famously announced last summer that it would stop working with small businesses and unfunded startups.
“We think our customers judge companies and their behavior and what they’ve done over the years, not just at one point in time,” Gleeman said. I think when other players in the market don’t serve companies or change their behavior quickly, companies often ask their peers who they recommend.
Ramp is not currently looking to raise additional capital, he added.
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