Today’s Daily Digest was crafted by Product Hunt and sponsored by our friends at Ramp
There’s a new corporate card on the block:
launched out of stealth yesterday, with $25M in funding from Founders Fund, Coatue, BoxGroup, and 50+ notable founders including Atrium CEO Justin Kan, Warby Parker co-CEO Dave Gilboa and Rent The Runway cofounder Jenny Fleiss, among others.
Ramp is the first corporate card designed to actually reduce your company’s burn. Most cards only make money when you spend more money
, using complicated points schemes to trick you into pound-foolish, penny-wise spending.
Ramp is different. The company analyzes every transaction to identify exactly where
you’re overspending, whether that’s missing out on cashback for Facebook ad spend, paying for duplicate Zoom licenses, or accidentally signing up for two different task management tools. 🤐
Oh, and they’ll still give you 1.5% cashback on every purchase, as well as access to over $175K in partner credits to services like AWS, Carta, Datadog, Twilio, Notion, Plaid and Segment (the highest sign-up bonus of any corporate card). They’ve been able to save individual companies up to $250K per year, and startups like Candid, Better, and Ro are already using the card.
“Most companies in Silicon Valley are quite wasteful with their spending, however, without access to the corporate card, it is difficult to enact change. The Ramp team has the perfect DNA to create the card that smart CFOs use, as opposed to creating a card whose main value proposition is its points and cafe menu.” –
Keith Rabois, Founders Fund
Some early reactions from the Product Hunt community:
"Congratulations on the launch! Love the 1.5% cashback on everything. So much simpler than point based system that others are adopting
." - Antoine
"Love the making sense of your spending and insight on reducing wasteful spend - would be quite helpful to the startups we work with
." - Sebastien
"Love the built-in cash backs and partner rewards, covers literally most of our spend
." - Michel