Financial Technology Launches Ramp As of January this year, it had exceeded $700 million in annual revenue as of January this year, according to sources familiar with the company’s internal operations.
The company crossed $100 million in revenue per year Before the third birthday in March 2022, $300 million was passed by August 2023, and now it has more than doubled effectively in less than 18 months.
Although RAMP hasn’t officially released its revenue figures yet, CEO and co-founder Eric Glyman told TechCrunch that Ramp now “contributes between 1-2% of the U.S. card market,” which is impressive for such a young company, but also “a great way to have a lot of room to grow,” Glyman added.
However, the company has not yet chosen to make a profit because it is reinvesting its funds. When it wants profits, “we can do that very quickly.” “More than half of every dollar we spend on payroll is research and development. That means more than half of the product and the people who build them. That’s very different from most software companies.”
Ramp has enough capital on hand to operate the Red. Last April, it raised a new $150 million in a Series D expansion co-led by Khosla Ventures and Funds Fund.
Interestingly, Gleman also said that AI is helping the company run out of cash to less than $2 million a month.
“Every team at RAMP is using AI to enhance the way they work and expand its output from sales, marketing, products and engineering,” Glyman said.
For example, he said AI is helping sales development representatives book more meetings. He said the company has built data signals and automation so when the representative calls over the phone, “the prospect is pre-qualified.”
Another example is that the ramp is recently produced Super Bowl Advertising Within 10 days from concept to completion.
“AI tools like Midjourney allow us to test hundreds of different iterations three days before shooting,” Glyman told TechCrunch. “This speed was not possible before.”
On Monday, the ramp announced Almost doubled its valuation to $13 billion After $150 million in intermediate stocks. New and existing backers, including VC Stripe, GIC, Avenir Growth, Thrive Capital, Khosla Ventures, General Catalyst, Lux Capital, 137 Ventures and Definition Capital purchased secondary schools from employees and early investors.
This is a huge bump in the valuation of the ramp. Valued at $7.65 billion Last April, a $150 million Series D expansion was raised at the time. With this salary increase, RAMP has received $1.2 billion in equity financing and $700 million in committed debt financing since its inception in 2019.
Gleman said the startup had crossed its 1,000 employee trademark by the end of 2024, up from 730 in April when it received a salary increase last April.
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