“Product Hunt is where we first launched just 1.5 years ago,” wrote Eric Glyman, Co-Founder and CEO of Ramp, in last week's launch of Ramp 2.0. The company also announced it raised $300M at a $3.9B valuation.
In its original launch, Ramp’s product was its free corporate card. Its north star has been to help businesses spend less through unlimited cards, 1.5% cash-back on everything, and insights to reduce wasteful spending. New features like merchant blocking have been added at the request of users.
The response has been good. Ramp reported a 5x increase in cardholders since the beginning of 2021 and a 1,000% increase year over year in transactions.
With Ramp 2.0, its hero product still stands, but it wants you to know: It’s not just a corporate card. It’s a finance automation platform.
"[W]ith Ramp, you’ll get corporate cards and payments with built-in expense and accounting automation software, all in one well designed, easy-to-use, and free solution,” Glyman explained. As the launch meme puts it, finance teams can make siloed finance tools disappear with a Thanos finger snap.
Ramp 2.0 adds negotiation-as-a-service for software procurement into its platform, too. That was part 3 of its announcement tied to its positioning — the company acquired Buyer, a startup we watched launch on Product Hunt just one year ago.
In most articles about Ramp, you’ll find a reference to its competitor Brex. As both grow, the differences between the company’s strategies diverge. Brex announced a $475M raise at a $7.4B valuation in April, as well as its first paid tier. It made its first acquisition too — a startup called Weav with a universal API for commerce platforms. Signs point to Ramp serving larger companies, and Brex focusing on small businesses.
Fin-techies are wondering if Ramp will continue to ride its free model to exit, or introduce paid features into its growing software functions to morph into a freemium model.
You can click through to check it out now, while we know it’s still free.
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