Ramp reports 4x revenue growth and says it still has a ‘vast majority’ of equity funding

2022 was a tumultuous year for many fintech startups. But for Ramp, this was a year of opportunity.

The company said today that its revenue quadrupled last year, fueling what co-founder and CEO Eric Glyman describes as the desire of businesses of all sizes and levels to save money by better managing their spend.

“Between one of the fastest rate hikes we’ve really seen in U.S. history, and with the cost of capital rising, companies have found they need to make the most of every dollar,” he said.

Last July, Ramp revealed that he was he crossed $100 million in annual revenue before his third birthday in March of that year. Glyman declined to share updated revenue figures this week, saying only that the business continues to grow — led by the fastest-growing bill-paying segment.

Notably, the CEO also claimed that the startup – which has secured $670 million in equity financing and $700 million in committed debt financing since its inception in 2019 – still has a “large majority [equity] assets” that it “ever received” still on its balance sheet.

It has deliberately stayed lean, currently operates with 464 employees and has not made any layoffs.

Ramp is not yet profitable as it is focused on growth and at the same time wants to be efficient, Glyman said.

“We increased our contribution to profit and bottom line even faster,” he told Root Devices.

Over time, Ramp said he has helped his clients reduce costs by more than $400 million. It counts more than 15,000 companies as customers with “hundreds of thousands of users” and engages about 1,000 users a day.

Notably, like some of its competitors in the space, such as Brex and Navan (formerly TripActions), Ramp says it’s working with increasingly large companies. So while most of its customers are mid-sized companies, it is attracting more late-stage private companies like Attentive, as well as publicly traded ones like EventBrite. Other clients include Betterment, Waymo, Deel, Webflow, Barry’s Bootcamp, Caraway, TaskRabbit, and Quora.

Glyman says Ramp supports a “wide range” of businesses, including tequila brand 818, airlines, farms, manufacturers and even steel mills. He is also convinced that his acceleration in business is partly the result of the actions of his competitors. For example, Brex infamously announced last summer that it would stop working with small businesses and unfunded startups.

“We think our customers are judging companies and their character and what they’ve done, not just at a particular point in time, but what they’ve done over the years,” Glyman said. “I think when other players in the market don’t serve companies or change their behavior quickly, companies will often ask their peers who they recommend.”

Ramp, he added, is not currently looking to raise more capital.

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