Ramp

“Well, certainly there's been like ramp data, but around Codex starting to close the gap again with Claude Code.”

“OpenAI Ananthropic, 80% of their enterprise revenue comes from just one percent of the companies.”

“If you are building something like, we've talked about Andrel, it's sort of easy to talk about because it's such a perfect case study from the past, but we've talked about RAMP or General Matter, these, you need to build a movement of people to believe somethi…”

“In the bull case, and you know, you've seen church from Cognition, Ramp, and Stripe, that the companies that are spending the most on AI are growing, growing meaningfully faster.”

“I know it's in alpha with a number of customers, and I believe that the product's actually available to non-ramp customers as well, so you can use their product.”

“Over the last year, I looked at the stats this morning, token spend among RAMP customers has grown by 21 times.”

“My co-founder used to be on the board of their previous company called Paribus. So, and then the founders of ramp were actually one of our first LPs in fund one.”

“And then I believe like a year later, they came to us and they said, Hey, we're starting this new company called ramp. Obviously we loved them. We thought very highly of them. And the idea was interesting as well, but given the repeat founders their first roun…”

“I think the company's last valuation was 32 odd billion dollars.”

“Today, over 70,000 businesses use ramp.”

“Over three percent of all of the corporate card transactions in the United States are powered by ramp, and nearly one percent of all the corporate transactions are running through ramp.”

“And I think the most useful piece of information is that like, you know, the typical business that adopts Ramp is able to cut their expenses by over five percent per year.”

“The typical business that adopts Ramp is growing their revenue a median of 16% per year. The U.S. Average is three to four percent.”

“If you kind of look at the credit card industry which is where we started even just seven years ago, everyone had agreed that the best way to earn business was through these points and rewards Go spend more money. You can earn points and multipliers will have …”

“It's part of why we're the first in the industry to go look at expenses and say, like, why are there two systems involved in buying every single thing you do?”

“Even if you have a really intensive interview process, and you have, like, 10 rounds of interviews, right, and you interview someone for 15 hours, it turns out in two business days of working with someone, you're gonna have more information about working with …”

“I agree with Elon's philosophy of trying to find really smart people, in part because it allows you to find maybe something like a mispricing in the market by their junior summer, or after they've been working for five years, it's priced in. You're competing s…”

“I think one of the most damaging things you can do to an organization is if there are folks who are getting paid similarly, have similar ownership, and are just not pulling their weight, because I think it leads to this, like, very tough, like, question and fa…”

“I want this to be the last company I ever work on. And I want to work on this for the rest of my life.”

“In some sense, it is a form of knowledge, work, and intelligence that we are serving and servicing for you, and I think that labs are, in some sense, the most comparable provider of this type of service.”

“Like, we've had five quarters in a row of accelerating revenue growth while you know, doubling the business and doing it on a multi-billion dollar scale, and so that part of it has been incredibly energizing.”

“Ramp Inspect was a great example of a background agent that was really successful because they were able to use some of the primitives like snapshotting and fast scaling to just have something that feels really reactive and works well.”

“Ramp also runs their accounting agent on us, so their external facing agent.”

“Ramp actually early in the day was training their own tokenizer and, like, Swapping out the tokenizer in Lama and whatnot.”

“And it was an actual study of over 21,000 firms in the U.S., and they looked at their Payroll data combined with their spending on AI, and what they saw is that firms that spent the most on AI actually grew the fastest, and they tended to grow their headcount …”

“But actually, the data from ramp shows that spending actually increased to anthropic models.”

“I've tried like nine step sequences, and I've tried three step sequences. I haven't really found a huge delta between them.”

“Coming to the forefront last month when Anthropic overtook OpenAI in actual business adoption. So now Anthropic sits at about 41% of US firms are using Anthropic. 39.5% of firms are using OpenAI. Anthropic is still growing. OpenAI is relatively flat.”

“AI spend is the fastest growing spend category we've ever observed in our data set.”

“Since January, 20, 25 through May, 2026, so last month per business spend on AI tokens is up 15 X. And that's amongst firms that were already spending on AI.”

“For the top quartile of firms that are spending on AI, top 25%, it's only about two percent of business spend excluding payroll. You'd be at one percent if you were to include payroll.”

“Last month, DeepSeq was one of the fastest growing vendors on ramp. And yet, it's still a very small share of AI spend that is actually going through those rails.”

“54% of firms are using AI in some way, or at least paying for it.”

“The top one percent of spenders on AI use eight vendors on average, whereas the median maybe uses two, and that's vendors fairly narrowly defined as LLM providers and maybe some AI infrastructure companies.”

“And if anything, in our data set, we see that renewal rates increase year over year with firms that are more advanced. So they're more likely to stick to the vendors that they've been using as opposed to, you know, switch so frequently.”

“Again, median firm is only spending 11 dollars a month, so there's a lot of room to grow, but even for the one percent, it's still going up.”

“Five percent of firms on our platform are even using these kinds of open source platforms. Last year is one percent, so it's five x growth, and it's actually going faster than the growth that's happening for open ion anthropic, but it's a relatively small perc…”

“Seat-based contracts are still the vast majority of spend from most software. It's like, 60 to 75%. The rest of it is really just flat platform subscriptions. Metered usage is extremely small, like, five percent. Less than five percent.”

“Ramp raises seven 50 at 44. We've discussed Ramp a lot. Tripled in a year. Cross a billion in ARR. Positive free cash flow.”

“I really think that the model for now is going to be a super agent, like one agent for the entire company.”

“Certainly we're going to rebuild our financial stack after Sastra annual and we will move from Brex to ramp if it is the most agent friendly and automating procurement is a huge bonus.”

“Fortyx runway revenues when the comp traded at six in terms of breaks, even albeit on a lower growth rate is a pretty healthy valuation.”

“Ramp is probably the, probably on the cutting edge of sort of really understanding. They did a stunt in the middle of you know Madison Square Park. They put Kevin from the office in a box, I think, you know, like, they really they understand that this is an at…”

“One of the companies I really admire and try to model after his ramp, like you said, and we talk a lot about them internally in terms of how they've built the execution layer from a go to market perspective.”

“If you work at Clay, and you want to try out a new AI tool, you can just go into a channel and say, can I have a ramp card to try this tool out? And they'll give you a ramp card. Like, no questions asked.”

“Whichever of those doesn't have an API forward product. We'll lose market share, which everyone does. We'll gain market share.”

“It might be the API that gets us to switch, not the humans, not the chocolates, not the gift certificate, but if the API is better, works better with our agents, we might spend a couple hours. It takes to move over our key accounts to ramp because it's the age…”

“But even on, just on the personal side, was Angel invested in Ramp, so that's like a, at a 50 mil entry value, so that's like a, whatever, 300 X on a personal side.”

“I led the seed in like May-ish of 2019 and gave a term sheet to preempt the A in September, so pretty quick. One of the two signals was how fast Ramp was able to be on the precipice of shipping the cards. I'd been working in financial services for a long time …”

“Most of the companies I work with that are thriving have basically skipped hiring senior people, senior experienced people, mostly internally grown talent. And I think that model has worked really well. It's definitely true of ramp, definitely true of trade Re…”

“Ramp just yesterday launched, you know, USDC as like core to their treasury system. You can use it to pay invoices, pay anywhere in the world.”

“Just to start with the facts, they actually said 73% of new spending. Right. And what it is, and the same graph shows OpenAI is still actually ahead of Anthropic in terms of total spend. But the marginal buyer in the last six weeks, eight, 10 weeks has massive…”

“Anthropic is now capturing over 73% of all spending among companies buying AI tools for the first time. 73%. Just 10 weeks ago, the split with OpenAI was fifty-fifty, and it was sixty-forty in OpenAI's favor as recently as December.”

“Their data is going to be heavily skewed in whatever the coolest new, so it'll show momentum, but, like, in terms of showing actual, like, aggregate impact in the economy, most large companies are not using ramp, like, I can't imagine especially more kind of, …”

“He actually bought a bank for, I think, sixty million dollars of his own money, and then he started this and he basically uses it as a the underlying bank under Mercury, under Ramp, under Brex, under all these companies, and so he and I think they're doing, th…”

“Well, they're automating 90% of their cases.”

“Like 10 12 years ago, a representative company where you could build your skill set and your network would be like a Palantir, maybe a better equivalent today would be like a ramp, just incredibly talent dense, you know, build your network. And that creates ve…”

“More than half of the businesses using freelancers in twenty-twenty-two have stopped entirely.”

“The companies that used to spend the most on freelancers shifted to AI the fastest, 97% savings for the businesses that spent the most on freelance.”

“Daniel Eck, founder of Spotify, told me this, Kareem, founder of Ramp, told me this, that they hire for spikes.”