Ramp Launches Treasury Product To Optimize Idle Funds For Businesses

Ramp, a platform for automating business finance, revealed a new product called Ramp Treasury. According to the company, Ramp Treasury helps businesses earn more money on their idle funds without losing easy access to them.

Ramp now has a new feature for its customers. They can save their money in a free account that is insured by the FDIC. This account gives 2.5% interest, and there are no fees, no minimum deposits, and no limits on moving money.

If customers want to earn even more, they can use the Ramp Investment Account. With this, they can put their money in a money market fund and earn up to 4.38% interest.

Ramp Aims To Streamline Business Finances With Treasury Integration

Ramp explained in a blog post that when money is not being used or moved, businesses miss the chance to earn more, and these hidden costs can negatively affect their operations. The company stated that its new tool, Ramp Treasury, is designed to help businesses earn interest on their funds while keeping them easily accessible.

Ramp Treasury works with the company’s AP (accounts payable) system. This means businesses can earn interest on the money they use to run their operations.

With Ramp’s accounts, businesses can handle all their AP tasks and treasury in one place. They can add trusted users, set steps for approvals, and connect to their accounting systems without doing extra work by hand.

This is the first time Ramp is holding users’ money. Before Ramp Treasury, the company only gave businesses corporate cards and tools to track spending.

Ramp Wants To Grow Rapidly While Staying Focused On Business Strength

Ramp, located in New York City with its headquarters in Flatiron District of Manhattan helps businesses handle their money. The firm provides business with cards for payments of valuables, tools to watch their spending, and methods to pay bills.

By the end of 2023, Ramp was handling payments worth over $13 billion every year. In April 2024, people said Ramp was worth $7.65 billion, which was less than before when it was worth $8.1 billion.

Ramp works with a bank, First Internet Bank of Indiana, to keep money safe. It also uses Apex to help with investments. Another company like Ramp, Brex, wanted to become a bank in 2021 but stopped trying.

Ramp started in 2019 and grew very quickly. In just one year, it went from 15,000 customers to 30,000. By summer 2023, Ramp said it was earning $300 million every year.

Now, Ramp has 1,000 workers and has raised $1.8 billion from investors. It also bought three other companies, including Venue, to make its tools even better.