Ramp founder Eric Glyman on the many ways AI is changing corporate spending

By Stripe

Categories: Product, Startup

Summary

Ramp's corporate card and finance automation platform has evolved into a multi-product platform, with emerging lines of business like bill payments, treasury, and procurement contributing the majority of its revenue. The founder reveals how expense policies can impact a company's growth and efficiency.

Key Takeaways

  1. Ramp's business has expanded beyond just corporate cards, with new lines of business like bill payments, treasury, and procurement contributing the majority of revenue.
  2. Ramp's customers grow 16% on average, significantly higher than the 5% US business average, by using Ramp's platform to better allocate resources and reduce waste.
  3. Ramp can analyze a company's expense policies and correlate them with the company's growth and operating efficiency, helping businesses find the right balance of trust and control.
  4. Ramp is seeing significant growth from new customer acquisition through accounting firms and procurement-focused clients, in addition to the core corporate card business.
  5. Ramp has found that high-growth companies tend to have more permissive expense policies, trusting employees but verifying and shining a light on spending, rather than overly restrictive policies.
  6. Ramp's treasury product, which includes checking-like and investment products, has reached several billion dollars in deposits in just over a year.

Topics

Transcript Excerpt

I don't know if we need, if we want to do this, but— I already look like that naturally, so. Oh, this is Kevin from "The Office." Yeah yeah. Eric Glyman is the co-founder and CEO of Ramp, the corporate card and finance automation platform. Founded in 2019, Ramp has taken the industry by storm. Oh cheers. Cheers. Can you describe maybe a good framing, just the Ramp business today? What's the biggest part of the business in terms of where you make money? What are the new growth lines? Any metrics ...