Eric Glyman: evaluation

Transcript context

…Yes. That is a much better abstraction. It’s what's going down so rapidly. And I think about our customer base. Most of our customers don't have a single software engineer, let alone a software engineer for their finance team. And if what we are very good at doing is selling, functionally, sets of work, maybe it's embedded in a financial operating platform, but expenses done accounting, some type of knowledge work done, and you can deliver that. That is immense, high-leverage value for these customers. Let's say it costs $5 before they didn't do it, now they can get $5 of value, but maybe the cost of it's a software type cost, maybe it's pennies of tokens to actually go and do that. That is a great business to be in because it's very high customer value. We can capture just a small amount of that and build this business. And when you go back to kind of the original insight of Ramp, we entered into this industry where it was very profitable, but not only was it misaligned, but people were fighting over basis points. Every last dollar that went into rewards could have meant tens or hundreds of millions of dollars in profit for the business for them. But if you think about a customer, let's say that in order to make one extra basis point as a business, you would try to incent them to spend a hundred more dollars for that customer. And let's say they buy something, that gym membership they didn't need, or that subscription keeps going, they have lost a hundred dollars, it's gone out the door. Maybe they go to the gym, maybe they don't. But that is out of their bank account. And if you just try to say, “I'm going to have a better rewards program…” Sure, maybe you can get that customer a dollar or a $1.10 back or some amount. That pales in comparison to just helping them just not spend $100, to cancel the subscription. The economic leverage of that activity is much higher. You sold your last business Paribus to Capital One. Capital One is one of the biggest founder-run financial firms that people in Silicon Valley don't talk about. What should we all be… And has been extraordinarily successful. What should we all be learning from Capital One and their success? Actually I should say, how did they? What product really broke out for them? Just what is Capital One success?…

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