TechCrunch caught wind of corporate card startup Ramp back in August of 2019, when the company raised an early round of $7 million. Corp card rival Brex had put together a $100 million round just a few months before, and was en route to raising a huge debt round later in the year.
Ramp building a rival service to Brex wasn’t a huge surprise. Startups often appear in waves, leading to groups of startups battling it out for similar customers. We’ve seen this in the file-storage space of yore, to insurtech marketplaces earlier this year.
Ramp launched in early 2020, added more capital, and is today announcing an expansion of the software side of its business by making its card-integrated expense management available to all of its customers.
The startup’s early twist on corporate cards was simple cash back, and a software tool that helped root out duplicate and unnecessary expenses to help companies lower their total expenses. Given that spend-centered startups often generate revenue from customers using their cards, helping those same customers cut costs was an interesting angle on its market.
Now with the expansion of its expense management system to all its customers, Ramp is taking another step in a software-like direction. And as the company also claimed quick growth in a release it shared with TechCrunch, we got back on the phone with its co-founder and CEO Eric Glyman to dig a little.
Spend during a pandemic
2020’s COVID-19 pandemic