The Ledger
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Glyman: Business spending increases up to 50x when scaling to 20 employees
“And when you went from like 10 employees to 20 employees. Businesses didn't spend twice as much. They would spend like five, 10, 50 times as much in some cases.”
Glyman: Ramp aims to build Waze for business expenses and Shopify for CFOs
“I think that a lot of really the North star of where we're headed as a business is, can you actually go understand what things cost and build, let's say like a ways for all sorts of business expenses, a Shopify suite for the CFO.”
Glyman: Ramp's burn rate is nearly unchanged, giving a 10-year runway
“So right now, our burn rate is not far from what it was, like even, like a year ago. And so there's an element of, we now just have a lot more time before the expiration, call it like a decade, you know, versus like, we can run out of stuff in two years.”
Glyman: Crossover funds do not enforce strict venture ownership targets
“One of the under talked about attributes of crossover funds in particular is they don't have these, they're like throw out ownership targets. That's not nearly as important as call it Valley venture funds, make them out to be, and they could be perfectly fine …”
Glyman: CFO software and spend management will yield multiple $100B+ companies
“And look, I think that there are many hundred billion dollar plus companies in this space. I know Amex It's had since 1850 to work on it, and there are a number of others, but I think that if you can truly do that, and if you can create differentiated value in…”
Glyman: Ramp currently handles about 1% of US corporate card spend
“We're call it one percent of how you know businesses spend money on cards in America, but there's 99% to go.”
Glyman: Non-card services now drive the majority of Ramp's payment volume
“The majority of how we're moving funds is, is you know, it's gone beyond card.”
Glyman: Most of Ramp's executive leadership has remained unchanged for years
“Most of the team you'll see today running ramp is the same team as it was two years ago, three, a lot of the same people and the depth of that and people's knowing each other's patterns, the strength, the weaknesses are good.”
Glyman: Ramp revenue is well into nine figures with under 1% share
“Even five years later at, You know, well into the nine figures in revenue we are less than one percent of the market in which we are largest”
Glyman: Only about 5% of finance jobs are categorized as strategic finance
“I think statistically it's something like five percent on the order of that of finance jobs are categorized as strategic finance.”
Glyman: Ramp's recent post-money valuation was $7.6 billion
“It was a seven point six. 7.6 billion dollar post.”
Glyman: Ramp saves the average customer company 5% today
“We save the average company five percent today.”
Glyman: Paribus lost 80% of its revenue overnight in a single month
“There was one month when 80% of our revenue disappeared basically overnight.”
Glyman: Ramp spent its first 120 days building core infrastructure
“We didn't ship anything to customers, I think, in the first 120 days in the life of the company, and we were building the core ledger, and we were building the core financial infrastructure, and a lot of the core accounting integrations, all that”
Glyman: Ramp launched with Visa in 55 days using Marqeta
“Within 45 days, we were able to be live with our partner bank, within 55 with Visa, within 65 internally, we were able to go and start Doing internal transactions.”
Glyman: Email parsing outperformed receipt scanning for Paribus transaction data
“We realized to get this transaction information the most efficient way wasn't scanning a receipt. That was too much work. It wasn't a credit card statement. There wasn't enough information in there. We could do this in a big way just by email.”
Glyman: Paribus spent a year testing hypotheses before building heavy infrastructure
“We spent about a year in that stage but it allowed us, when we were ready to build a serious infrastructure, to create a more elegant experience, to really know the landscape, build it the right way the first time”
Glyman: Mutual fee discounts boosted Paribus sharing to 50% and growth to 20%
“Now over 50% of people share it, and that took our growth from five percent a week to 20 plus for weeks and weeks and weeks on end”
Glyman: Ramp begins every board deck with wins, misses, and root causes
“Every board deck is what is going well, what is going less well than we hoped and why.”
Glyman: Online shoppers leave billions on table from price drops
“Consumers were leaving billions of dollars on the table, literally, whenever prices would drop, like, a day, two days, a week after they bought items online.”
Glyman: Paribus added over 10,000 users and grew 1,000% in May 2015
“Where we had had a huge month in May grown, you know, added 10,000 plus people grew a thousand percent in a month.”