Software companies designed to reduce the drudgery of back-office tasks don’t tend to become household names. Somehow, Ramp is defying the odds. The six-year-old fintech startup has generated an almost cult-like following among not only CFOs, but rank-and-file employees who hate filing expense reports every month. With its neon-yellow color palette and an omnichannel blitz of marketing that included a February Super Bowl spot, Ramp is building a brand to challenge one of the giants of legacy finance: American Express.
Ramp’s core product, after all, is the next generation of corporate credit cards. With about 1.5% of the $2 trillion market, compared to around 30% for AmEx, it has a long way to go. But as I reported last week, Ramp has had astronomic growth alongside its red-hot brand, having just hit $1 billion in annualized revenue. That accomplishment stands alongside an astonishing $22.5 billion valuation, which it achieved after back-to-back funding rounds this summer.
