You launch your startup. You get the business going and need corporate cards for expenses. Standard issuers may decline to serve you because they see your business as a risk. Or, they offer you a low credit limit. But, you need to purchase pens, paper, coffee, and beer (you are a startup).
Before you head down the rabbit hole of “how will we pay for all those breakfast tacos?” there’s a new corporate card company ready to serve your needs. Ramp launched recently with the goal of providing higher limit corporate cards for startups.
Not only does Ramp provide corporate cards, it makes it easier for businesses to control employee spending. Rather than giving everyone a card with unlimited spending amounts, or only giving cards to certain employees, Ramp allows you to create spending rules and set spending limits for employees.
Also, there are no fees for using the cards. Every employee can have their own white card without any fees attached. The company plans to earn income through transaction fees, just like other card companies.
And, according to this story in Tech Crunch, Ramp allows you to integrate with some accounting software and to centralize receipts and attach them to expenses.
The company has launched with $25 million in backing and has several high-profile startups already using its services, including Candid, Truebill, 8 Sleep and Ro.
To make things easier for companies, Ramp offers a flat 1.5% cashback rate across the board on all purchases, whether you take a ride share or purchase computers, you get the cashback regardless. Ramp said startups can expect limits set 10 to 20 percent higher than traditional card companies.
The company may create competition for Brex, which launched in 2017. Unlike Brex, which has a more complicated points systems, Ramp aims to make cashback, monitoring and setting spending limits a simpler process.