The fundraising is the latest evidence of a fintech boom after the coronavirus pandemic supercharged the category.
Ramp, founded by Glyman and Karim Atiyeh in 2019, is among a new breed of business lenders taking on a sector that hasn't seen much change in decades. Like, another young company with an eye-popping valuation , Ramp offers cash-back charge cards and a suite of software tools for business owners.
"The industry has evolved to this place where people are trying to outsmart each other, spending a lot of time designing fancy points programs where they give you 5X points on this category and 2X on that," Glyman said. Ramp's card offers a flat 1.5% cash back rate. But Ramp aspires to be more than a card provider; it aims to automate many of the tedious aspects of life for small business owners with an all-in-one platform. The company's software includes expense management, accounting and bill pay.
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