Eric Glyman: prediction

Transcript context

…This is people in their business, they have spend cards, everyone walking around the company has a Ramp card and you earn interchange on those. That's right. Next, you can think about bill payments and software. Software, it's a two-something-year-old business line, just about two years and some months. That's over a hundred million a year business line in and of itself. And that can be advanced functionality to maybe manage lots of entities to automate aspects of accounting, maybe aspects of procurement, bill payments. So this can be sending checks, wires, ACH, and that's predominantly a float as well in some cases, foreign exchange transaction business. Treasury. That's a product that is about a year old, several billion dollars of deposits. Some of that is checking-like products. Some of that is more of an investment and money ladder type product. And then the last, the other ones are procurement and then travel, which is a bit of an in-kind. And what's been so interesting is that if you break down and look towards, maybe let's say contribution profit, gross profit of the business, a few years ago it would've been 90 plus percent card. I think by the end of this year, the second, third, fourth, fifth lines of business will comprise and aggregate the majority of Ramp's business. And so it's evolved into this platform by which, if you're trying to operate your company, it's just a lot more efficient. You spend less. I think people know Ramp for… We help the average company cut their expenses by about 5% per year. The thing that's been really fascinating is people are starting to use these products in aggregate. Not only are they not paying for five, six sets of point solutions, but they're also not wasting time. They're growing faster. The average customer last year on Ramp grew their revenue by, I think it was 16%, which compared to, in the United States, the average business— Much higher than that.…

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