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Ramp raises $300M

ramp.com

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Re: Ramp raises $300M

#11

Post by ErikVandeWater »

Went to their website. Their demo video starts by saying

> Ramp is the only spend management platform that helps you spend less.

Am I the only one extremely put off by this? You can have your puffery about how you're the best, but don't insult my intelligence.

I'm also instinctively cautious about "AI" powered accounting. The way the AI powered receipt recognition is presented makes the AI seem much more powerful than it probably is. I highly doubt you could get it to recognize a crumpled receipt. If users believe the AI is actually that good they are likely to post transactions without checking them, creating headache down the line.

Re: Ramp raises $300M

#13

Post by Terretta »

arthurcolle wrote: post #9
stephenhuey wrote: post #2

In January 2021, they would not let me create virtual cards for my consulting business because I did not have a $250K cash balance in my business bank account. The Ramp support guy said he didn’t know of any similar service that did not have such a requirement. After that I discovered Stripe easily provided that service for my business with no threshold at all and wrote back to let him know and he was very surprised…

That is a crazy high requirement. I am planning on moving to Miami and they need evidence that I've had >3 months rent in the account for 3 months. Who keeps that much money in a checking account?

Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.

Re: Ramp raises $300M

#14

Post by arthurcolle »

Terretta wrote: post #13
arthurcolle wrote: post #9

Earlier quoted context omitted.

That is a crazy high requirement. I am planning on moving to Miami and they need evidence that I've had >3 months rent in the account for 3 months. Who keeps that much money in a checking account?

Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.

Checking account earns no interest. That's a foolish waste of money

Re: Ramp raises $300M

#15

Post by cdolan »

ninjastar99 wrote: post #8

Really big fan of this company. Saved our team a huge amount of accounting time in the first week alone, and on-boarding was super easy (less than 48 hours and we were running).

I'll bite - how did they save you a bunch of time in the first week? And how much time are we talking?

Re: Ramp raises $300M

#16

Post by corkill »

etaioinshrdlu wrote: post #12

Well, what really matters in finance are the financials. What is the cash back % on this card, and do they have effectively a revolving loan, like my Amex and Chase cards?

1.5% cash back.

The difference with Ramp is they are connected to your business bank account and can automatically increase your limit as you grow vs traditional companies like AMEX that require you to manually submit your financials and go through review etc. Also just in general better UI/UX and support etc.

We moved to Ramp as AMEX was unable to scale our limit fast enough.

Re: Ramp raises $300M

#17

Post by arthurcolle »

Terretta wrote: post #13
arthurcolle wrote: post #9

Earlier quoted context omitted.

That is a crazy high requirement. I am planning on moving to Miami and they need evidence that I've had >3 months rent in the account for 3 months. Who keeps that much money in a checking account?

Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.

https://i.kym-cdn.com/photos/images/newsfeed/001/753/231/981...

Re: Ramp raises $300M

#18

Post by rozap »

Terretta wrote: post #13
arthurcolle wrote: post #9

Earlier quoted context omitted.

That is a crazy high requirement. I am planning on moving to Miami and they need evidence that I've had >3 months rent in the account for 3 months. Who keeps that much money in a checking account?

Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.

Keep as much as you need to give you time to liquidate other things (like stocks or mutual funds). Especially with inflation as high as it is, keeping that much money in a checking account is just boneheaded.

Re: Ramp raises $300M

#19

Post by mcintyre1994 »

Terretta wrote: post #13
arthurcolle wrote: post #9

Earlier quoted context omitted.

That is a crazy high requirement. I am planning on moving to Miami and they need evidence that I've had >3 months rent in the account for 3 months. Who keeps that much money in a checking account?

Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.

Why would you want that in a checking account rather than an instant access cash saving account though? Savings interest rates suck atm, but might as well get whatever you can on it.

Re: Ramp raises $300M

#20

Post by gruez »

rozap wrote: post #18
Terretta wrote: post #13

Earlier quoted context omitted.

Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.

Keep as much as you need to give you time to liquidate other things (like stocks or mutual funds). Especially with inflation as high as it is, keeping that much money in a checking account is just boneheaded.

>Keep as much as you need to give you time to liquidate other things

And what if there's a crash and your savings takes a 40% haircut?

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