Ramp, which was founded in 2019 and is based in New York, has raised more than $1.7 billion from venture capitalists and was last valued at $5.8 billion in August 2023. The company is looking to fill gaps in its customers' expense workflow and expand into new categories. Glyman also highlighted the significant changes in AI technology over the past decade, stating that there isn't a part of Ramp that isn't affected by AI in some way.
Key takeaways:
- Fintech startups have raised over $350 million in VC funding from 2019 to 2023, with the industry still having a lot of untapped potential according to Eric Gylman, CEO of Ramp.
- Ramp, a corporate card and expense startup, has only tapped into 1% of its potential market share despite its rapid growth.
- Glyman and his co-founder Karim Atiyeh's first fintech startup, Paribus, used AI to help users get price changes on items they recently bought, and was acquired by Capital One after raising $2 million.
- Ramp, founded in 2019 and based in New York, has raised over $1.7 billion from venture capitalists and was valued at $5.8 billion in August 2023.