The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 36 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Hays: Top freelance-hiring companies shifted to AI and saw 97% savings
“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.”
Hays: Over half of businesses using freelancers in 2022 stopped entirely
“More than half of the businesses using freelancers in twenty-twenty-two have stopped entirely.”
Glyman: Some Ramp job interviews cannot be passed without using LLMs
“There are some job functions at ramp where it is actually not possible to pass it like an interview or a coding interview without using an LLM. And that's intentional.”
AI coding agent Devin is now the top code committer at Ramp
“Did you know that Devin is now the number one committer of code at RAMP?”
Coogan: 80% of OpenAI and Anthropic Enterprise Revenue Comes from 1% of Customers
“OpenAI Ananthropic, 80% of their enterprise revenue comes from just one percent of the companies.”
Coogan: Ramp data shows enterprise AI adoption stalled at 45% in November
“Ramps AI index shows AI adoption held flat at 45% of businesses in November, driven by slight declines in Finance and technology sectors.”
Glyman: Ramp AI agent delivers 15x throughput at 99% accuracy
“These companies were able to get 15 times more work done. Transactions categorized. But the more interesting part is these agents were way more accurate. These agents all day, like they know the expense policy better than any manager at the company. And so it …”
Glyman: Ramp raises $500M at $22.5B valuation
“We raised five hundred million dollars at a 22 and a half billion dollar valuation.”
Senra: Ramp co-founder Karim Atiyeh optimizes hiring for spikes over well-roundedness
“What Kareem is interested in is not like your total package. He's interested in your very best idea. So like, if you were the very best at X and he just wants you to do that for ramp. And if you only last for six months, that's fine. It's like, he just, he opt…”
Glyman: Ramp grew 4x in 2022, outpacing every public tech company
“We grew four times year over year. No other publicly traded company was doing that.”
Glyman: Ramp repriced its valuation down from $8.1B to $5.8B
“In December, 20, 21, we valued ramp at 8.1 billion. Today we actually think it's going to be a way bigger company and the value is 5.8 billion. And we said, great, let's do it.”
Glyman: Raising at high valuations is fine; spending it quickly is the sin
“I don't think it was a sin necessarily to raise at high prices. I think probably the sin was just spending it all really quickly.”
Ramp processes 1% to 2% of all US business card spend
“When I look at where we are, it's, it is incredible to be serving empowering. I, what we believe is one to two percent of all corporate and small business card spend in the U S which is maybe the market that we're largest in.”
Hays: Corporate AI finance startups from YC compete directly with Ramp
“Every single new company coming out of YC that's doing some AI meets finance for corporations, you are competing directly with a very fast moving gorilla, which is ramp.”
The Best Future Marketers Will Write Code Rather Than Manage Ads
“The really talented marketers of today going forward are going to be looking more like engineers where historically the really sophisticated marketing organizations like ramp as an example, they have like a lot of engineering involvement in the marketing activ…”
Glyman: Ramp purchase volume pacing up 20% month-over-month
“Like right now July is pacing we're pacing to do 20% more purchase volume in July than June.”
Mohnot: Stripe deprecated its corporate card and invested in Ramp
“Stripe had built RAM. Stripe had a corporate card. And it didn't work. Like, they ended up investing in RAM and deprecating that card.”
Founders Fund Deploying $36M First Check Into European Defense Startup
“The thing that I will say though, is at least the biggest check that I've ever, you know, sort of led is like a net new, you know, portfolio company investment. So not just like follow ons, obviously we like we've deployed mega checks in a ramp, but that was a…”
Glyman: Ramp produced and aired a Super Bowl ad in 11 days
“I think most organizations could not have put out a Superbowl ad from, you know 11 days start to airing.”
Rabois: Even cutting-edge companies run archaic, analog CFO functions
“Even the most cutting edge organizations typically have a very archaic, call it analog CFO function.”
Hays: Ramp's down round was caused by market conditions, not poor performance
“The ramp down round was directly tied to the market, not business performance, which is why they're back above that last, you know, financing, just given that you know, they were taking that down round while still putting up ridiculous numbers.”
Hays: Aspiring founders should spend 2-3 years at iconic companies first
“So I give this advice all the time to people that are like, I want to be a founder. And it's like, well, you don't need to have started a company before, obviously to be a founder, anybody can just become a founder, but a lot of people would be better off goin…”
Hays: Harris Campaign Spent $1B Across Ramp and Other Payment Systems
“So, they blew through about a billion dollars in a few months almost unprecedented. I think, like, half a million of that went to payroll. But the big issue, they were on RAMP, but they were also using a variety of other, sort of, payment.”
Hays: Robinhood fund includes Databricks, Ramp, Stripe, and Revolut
“They have a new fund that has Databricks, Mercore, Revolut, Airwallex, Boom, Supersonic, Ramp, Aura, and Stripe, which is signed and pending, closed.”
Hays: Robinhood Ventures bought Databricks at $150 and Ramp at $90
“They bought Databricks at a 150 dollars per share. Now trading at 204 ramp at 90, now trading at 98. Airwallex 21 dollars. It's now trading at 18.8.”
Van Lancker: Free Agency Received Hundreds of Applicants from Top Tech Firms
“So we've had hundreds of applicants already. You know, these have been engineers and designers and companies like OpenAI and Databricks, SpaceX, Ramp, you know, like you name it. We have a Gen Z creator who has millions of followers more research focused peopl…”
Bartlett: Redpoint invested in Ramp at an $8B+ valuation in late 2021
“That round that we ended up investing in at whatever, eight billion or eight and a half or whatever it was what's a couple hundred million among friends. But I that was like, December, 21 when we were talking about it, and then the round ultimately closed in J…”
Glyman: Ramp's gap to trillion-dollar tech incumbents equals seed-stage multiples
“Mathematically a company like you know, an Apple or Microsoft or Nvidia, you know, talking to a ramp is almost like a ramp talking to a seed or Siri J startup. It's actually those multiples in between valuations are about the same.”
Rabois: Ramp was a non-standard investment for Founders Fund
“When I was working at founders fund at the time, There's a very non-standard Founders Fund investment in many, many ways. The most acute one being, if you have all these vendors that are doing well, what's the monopoly story?”
Coogan: Ramp significantly accelerated receipt scanning using Google OCR and GPT-4
“Early on, I remember they were they were one of the huge beneficiaries of GPT-IV for the receipt scanning because they could just do exactly what we did with the red book where they would OCR it with Google, take all the text in the picture, and then throw tha…”
Startup Traba Relocated to Ramp's Office to Work Through Soho Fire
“Large fire breaks out on Soho rooftop, and the, and they got press around this because they kept working, and it says FDNY, Hottest startup in NYC, Traba, stays locked in despite fire. I love that they called NBC New York and got this done. It's amazing. And t…”
Hayes: Ramp CTO Karim Atiyeh runs marketing and intentionally recruits engineers
“So one interesting thing about ramps organization is it's so engineering led that ramp CTO Kareem actually runs marketing and they oftentimes are focused on recruiting engineers to their marketing team because they want to take an engineering led approach.”
Coogan: Ramp AI router is in alpha and available to non-customers
“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.”
Coogan: Ramp's Super Bowl campaign succeeded using multiple touchpoints
“Ramp did really, really well with their Super Bowl activation. They had a whole bunch of different touch points, so they didn't just, like, lob an ad in and then call it a day.”