\n<\/p>\n
2022 was a tumultuous year for many fintech startups. <\/span>But for Ramp<\/a>, it was a year of opportunity.<\/span><\/p>\n The company shared today that it saw its revenue grow by 4x last year, buoyed by what co-founder and CEO Eric Glyman describes as a desire on the part of companies of all sizes and stages seeking to save money by managing their spend better.<\/span><\/p>\n \u201cDuring one of the most rapid raises of interest rates we\u2019ve really seen in U..S history and with the cost of capital gone up, companies realized they need to make the most of every dollar,\u201d he said.<\/span><\/p>\n Last July, Ramp revealed that it <\/span>had crossed<\/span> $100 million in annualized revenue<\/span><\/a> before its third birthday in March of that year. Glyman this week declined to share updated revenue figures, noting only that business continued to grow \u2013 led by its fastest growing segment of bill pay.\u00a0<\/span><\/p>\n Notably, the executive also claimed that the startup \u2013 which has <\/span>secured <\/span>$670 million in equity financing<\/span><\/a> and $700 million in committed debt funding <\/span>since its 2019 inception \u2013 still has \u201cthe vast majority of [equity] funds\u201d it has \u201cever received\u201d still on its balance sheet.\u00a0<\/span><\/p>\n It has intentionally remained lean, currently operating with 464 staffers and has not conducted any layoffs.<\/span><\/p>\n Ramp is not yet profitable as it is focused on growth while aiming to be efficient, Glyman said.<\/span><\/p>\n \u201cWe\u2019ve grown our contribution to profit and our bottom line even faster,\u201d he told TechCrunch.\u00a0<\/span><\/p>\n Over time, Ramp said it has helped its customers cut expenses by over $400 million. It counts over 15,000 businesses as customers with \u201cwell into hundreds of thousands of users,\u201d and is onboarding about 1,000 users per day.<\/span><\/p>\n Notably, like some of its competitors in the space such as Brex and Navan (formerly TripActions), Ramp says it is working with increasingly larger companies. So while the majority of its customers are mid-market businesses, it is attracting more late-stage private companies, such as Attentive, as well as publicly traded ones like EventBrite. Other customers include Betterment, Waymo, Deel, Webflow, <\/span>Barry\u2019s Bootcamp, Caraway, TaskRabbit and Quora.<\/span><\/p>\n Glyman says Ramp supports a \u201cwide variety\u201d of businesses including tequila brand 818, airlines, farms, manufacturers and even steel mills. He also believes its boost in business was also due in part to actions of its competitors. For example, Brex infamously announced last summer it would stop working with small businesses and non-funded startups.<\/a><\/span><\/p>\n \u201cWe think that our customers evaluate companies and their character, and what they\u2019ve done, not just at a moment in time, but what they\u2019ve done over the years,\u201d Glyman said. \u201cI think when other players in the market don\u2019t serve companies or change their behavior rapidly, companies will often ask their peers who they recommend.\u201d<\/span><\/p>\n Ramp, he added, is not seeking to raise more capital currently.<\/span><\/p>\n Want more fintech news in your inbox? Sign up <\/span><\/i>here<\/span><\/i><\/a>.<\/span><\/i><\/p>\n Got a news tip or inside information about a topic we covered? We\u2019d love to hear from you. You can reach me at maryann@techcrunch.com. Or you can drop us a note at tips@techcrunch.com. Happy to respect anonymity requests.<\/span><\/i><\/p>\n<\/p><\/div>\n