By combining Buyer’s team with benchmarking spend data from millions of transactions on its platform, Ramp says it wants to help its customers negotiate the best rate on “anything that can be purchased with a card, from travel to software - with the goal of shifting purchasing power back into the hands of buyers.” Over time, Ramp intends to expand its product offering as a result of the acquisition. The buy follows a partnership that was forged earlier this year before Ramp realized that it could “be even stronger by having them fully as a part of the Ramp team, and and really build out even further.” “We’re looking forward to adding those figures to the savings we’ve helped businesses incorporate,” Glyman said. It has saved its customers about 27% on SaaS contracts. Very large companies might have procurement departments to negotiate rates, but for those who don’t, Buyer is very skilled at identifying what new contracts are coming up and negotiating them down.” “Buyer is viewed as the leader of a generation of startups that are trying to flip the tables and actually help customers negotiate rates down. “There are more B2B growth SaaS companies than ever before, and they’re better at charging than they’ve ever been,” he noted. With the addition of the 10-person Buyer team, Glyman said Ramp will be able to offer its customers a “customized and proactive approach” to savings on large purchases. Ramp also today announced its acquisition of Buyer, a “negotiation-as-a-service” platform that claims to save its clients an average of 27.3% on big-ticket purchases, such as annual software contracts. Typically growth slows as a company scales, but demand for Ramp’s product is only accelerating as the team builds awareness and strengthens their product offering.” Says Founders Fund’s Keith Rabois: “As the company has grown, I’ve continued to invest heavily because it’s rare to find a business with a growth rate that is actually increasing as it gets larger. Indeed, such big growth numbers are more commonly seen in the very early stages of a company, and tend to lessen over time as a company matures. Given the company’s business model (it makes money mostly off interchange fees), Ramp also saw its revenue increase by the same amount during that time frame. And, impressively, Ramp has seen its transaction volume increase year over year by 1,000%, according to CEO and co-founder Eric Glyman. Since the beginning of 2021, the company says it has seen its number of cardholders on its platform increase by 5x, with more than 2,000 businesses currently using Ramp as their “primary spend management solution.” The transaction volume on its corporate cards has tripled since April, when its last raise was announced. It’s been a good year for Ramp, which first launched its corporate card in August of 2019.
#FUNDING CRUNCH MEANING SERIES#
Founders Fund also led Ramp’s $15 million Series A in February 2020. Redpoint Ventures, Thrive Capital, D1 Capital Partners, Spark Capital, Coatue Management, Iconiq, Altimeter, Stripe, Lux Capital, A* Partners, Definition Capital and other existing backers participated in the financing. įounders Fund led the latest round, which brings the fintech’s total equity and debt raised to date to over $625 million since its March 2019 inception. That’s more than double the $1.6 billion that New York-based Ramp was valued at in April at the time of its Series B. Less than five months after raising $115 million, spend management startup Ramp announced today it has raised $300 million in a Series C round of funding that values the company at $3.9 billion.
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