Divvy corporate spend management competitor, Ramp, has had explosive growth since it launched in 2020. In April 2021 it was worth 1.6B and today it is now valued at 8.1B!
Apparently they have nearly 10x their revenue year over year per Techcrunch
Divvy had 7.6B in annualized payment volume and 15,500 spending businesses as of Dec 31, 2021.
Meanwhile for Ramp as of March 2022, they have 5B annualized payment volume and 5000 businesses (and 2000 of them are “enterprise” according to their website).
It sure seems Ramp is growing faster although still smaller, and Ramp is ahead of Divvy in terms of integrations if you peruse the website. A competitor to look out for BILL. But at least Ramp’s valuation means divvy should be inflating BILL’s market cap up
From the article:
Much has changed since Ramp’s February 2020 launch. While the company started out focused on small-to-medium-sized businesses (SMBs), it now works with “businesses of all sizes” — from startups to multibillion-dollar enterprises to potato farmers. Today, more than 5,000 businesses use Ramp, powering over $5 billion in annualized payments volume. Notably, its customer base is up 7x and cardholder growth is up 15x year-over-year. Some of its larger customers spend “in excess of $10 million a month” with Ramp, Glyman said.
“It took us over two years to reach 10,000 cumulative cardholders, and now we are adding that many in a month,” he added.
The startup has also expanded beyond a corporate card offering into other services, with the goal of helping companies generally automate their finances. For example, Ramp last year made its first acquisition when picking up negotiation-as-a-service startup Buyer with the goal of helping its customers save money on SaaS contracts. Last October, it began offering integrated automated bill payments for all its customers, and earlier this year it expanded into the travel segment.
Earlier this month, Ramp also announced a partnership with Amazon for Business, in which customers can connect their Amazon Business account to Ramp and then anytime an employee uses one of its cards to make a purchase, Ramp automatically pulls the receipt.
“It will provide full itemized-level detail, so if a customer wants to go and attach or move certain line items to different parts of their general ledger, they can do it,” Glyman said. It’s free for the customer. Several thousand of its customers are using it regularly.
Over the past year, the company has quadrupled its workforce to 275 and is in the process of opening a new office in Miami, where co-founder and CTO Karim Atiyeh recently relocated.