Ramp raises $300M • Hacker News Board

Re: Ramp raises $300M

#31

Post by RobRivera » Tue, Aug 24, 2021, 11:30 PM UTC

gruez wrote: post #20

rozap wrote: post #18

Earlier quoted context omitted.

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?

there are other investment instruments that are inversely correlated to market crashes

EDIT: given truthful observation to whataboutism on an internet forum and receive quiet downvotes.

EL OH EL

Re: Ramp raises $300M

#32

Post by itin » Tue, Aug 24, 2021, 11:51 PM UTC

Can someone please explain to me the strategy behind raising 4 rounds within 12 months? Doesn't really make sense to me besides chasing the hype

Re: Ramp raises $300M

#33

Post by aetherspawn » Tue, Aug 24, 2021, 11:57 PM UTC

The full width marquee on the home page is a neat design trick, once or twice, but there's 5 of them or more! Madness madness madness

Re: Ramp raises $300M

#34

Post by paxys » Wed, Aug 25, 2021, 12:37 AM UTC

itin wrote: post #32

Can someone please explain to me the strategy behind raising 4 rounds within 12 months? Doesn't really make sense to me besides chasing the hype

VC money (and money in general) is cheap and plentiful right now. The "strategy" is to take all you can while this environment lasts.

Re: Ramp raises $300M

#35

Post by rognjen » Wed, Aug 25, 2021, 1:04 AM UTC

sandstrom wrote: post #3

Out of curiosity, anyone who knows how they're making money? Their pricing pages says that everything is $0 (free). https://ramp.com/pricing

> 3. Sharing Data

(TL;DR: they also probably earn money from your data)

> We share Personal Data with Third-Party Service Providers or as requested by a Company or its Employees. We also share Personal Data with regulators, law enforcement, financial services providers, or other authorized third parties as required by law.

> We may reasonably transform Personal Data into De-identified Data by anonymizing it or by aggregating or combining it with other data to mask its relation to particular individuals. De-Identified Data is no longer Personal Data and we may use De-Identified Data and share it publicly or with third parties without your permission.

> We may add or change how or when we use affiliates or third parties to process Personal Data without notifying you, except that any use of Personal Data will be consistent with this Privacy Policy.

https://ramp.com/privacy-policy

Re: Ramp raises $300M

#36

Post by ericd » Wed, Aug 25, 2021, 1:09 AM UTC

Johnny555 wrote: post #29

arthurcolle wrote: post #14

Earlier quoted context omitted.

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

You could put it in a savings account where it earns .01% interest (which is what my bank is paying right now). So that 250K would earn you a cool $25 in a year.

Ally still offers 0.5% fwiw, which would be $1250. Doesn’t keep up with inflation, but better than $25.

Re: Ramp raises $300M

#37

Post by agrocrag » Wed, Aug 25, 2021, 1:27 AM UTC

Has anyone switched from Brex to Ramp? Or vice versa? I’m having trouble understanding any significant differences between them other than competing on cash back.

Re: Ramp raises $300M

#38

Post by koolba » Wed, Aug 25, 2021, 1:35 AM UTC

ericd wrote: post #36

Johnny555 wrote: post #29

Earlier quoted context omitted.

You could put it in a savings account where it earns .01% interest (which is what my bank is paying right now). So that 250K would earn you a cool $25 in a year.

Ally still offers 0.5% fwiw, which would be $1250. Doesn’t keep up with inflation, but better than $25.

Business savings accounts generally give crappier rates than individual ones. I’m not aware of any major bank that gives anything greater than .05%.

Re: Ramp raises $300M

#39

Post by purplepatrick » Wed, Aug 25, 2021, 2:15 AM UTC

Remarkable — all that without explaining anywhere what a “corporate card” is. Is it a debit card (debits immediately)? Or a delayed debit card (debits at month end)? Or a credit card (credit balance up to a specified limit)?

And why do they brag about “no credit checks”? Brex already tried that in the beginning. That’s really only a thing for businesses so small that they definitely do not need a corporate credit card (and who are bad at picking banks). I scaled a startup to 100 people and had 0 need for issuing cards to employees…

But all of these companies seems to do really well, so there must be plenty of demand…

Re: Ramp raises $300M

#40

Post by stephenhuey » Wed, Aug 25, 2021, 3:57 AM UTC

ejstronge wrote: post #6

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…

Did they let you open an account before imposing this limit? When I was looking into using them, I noted the $250,000 limit for new accounts but I'm not sure if they were always structured this way.

No, I completed the application process but they rejected me.