附近上门

Corporate cards typically provide an employee a way to purchase work-related items, but is redesigning how that works in a way that ends up saving a company money.

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鈥淲e鈥檝e talked to people about the cost of rewards, and the more customers we talked to, the more we learned that instead of rewards, they wanted money in the bank account at the end of the month,鈥� Ramp co-founder and CEO told 附近上门 News. 鈥淲e are able to save companies an average of 4 percent on top of the cash back.鈥�

The team behind Ramp knows a little something about saving money: It built and scaled money-saving platform before selling it to in 2016. While at Capital One, the group enabled automated savings on online purchases, putting more than $100 million back into consumers’ pockets, Glyman said.

Now Ramp, headquartered in New York, raised $30 million in Series A3 financing from and , with participation from existing investors including .

The new funding gives Ramp just over $55 million in total funding since the company was founded in 2019, which includes a round announced in February and led by Founders Fund, according to 附近上门 data.

This latest round will go toward educating companies on how they think about their finances and spending, Glyman said. The platform offers higher card limits, insightful saving opportunities, automated expense management, receipt matching, and seamless accounting integration.

The raise will also be used to fund the hiring of more people–two-thirds of the company is software engineers, design and product folks. There are about 65 employees, and the company has been increasing its headcount every six months. Glyman is planning to continue that growth.

Glyman estimates the company has grown 15 times since the start of the global pandemic and expects another 50 percent growth for December. Ramp reached $100 million in transaction volume in the past few months, and Glyman said one out of every four dollars flowing through the company鈥檚 platform occurred within the last 30 days.

鈥淲e鈥檝e been growing quite quickly, but did not go out and raise,鈥� he said. 鈥淚n fact, we still had funds from a seed we hadn鈥檛 touched. We are excited to get people involved now.鈥�

Glyman sees as one of Ramp鈥檚 competitors, but also companies such as expense management software companies and .

Where Ramp differentiates itself is by enabling users, after charging something to the card, to text back a receipt. It also manages reimbursements and alerts people when they are approaching their credit limits.

鈥淲e are excited to continue to streamline the experience, from allocating cards to automating,鈥� Glyman said. 鈥淲e plan to leverage insights and show where there are duplicate subscriptions and when companies are getting charged more for services.鈥�

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