It’s become an all too familiar story in recent days: one after another, fintechs have been forced to slash their workforces, cancel plans to expand into new markets, even shutter entirely. In the face of mounting international regulations and continuing financial shockwaves, there seems to be little recourse for fintech companies large and small.
As far as corporate spend management startup Ramp is concerned, though, this may be the best possible time to do business. In fact, with a recent $750 million fundraise and a valuation that has doubled to more than $8 billion, the company is also able to boast a 100% growth in revenue since the beginning of 2022.
One of the reasons for Ramp’s remarkable growth in such a tough climate is the downturn itself. “We believe that Ramp’s ability to help its customers spend 3.5% less is uniquely appealing and valuable to businesses in this macroeconomic climate,” said Chief Executive Officer and Co-Founder Eric Glyman. “Our biggest hope is to go to work for more companies that are looking to cut costs, become efficient, and do it in ways that improve the quality of the business, while preserving the ability to make investments and support people and staff.”