Payments platform Plastiq and Ramp, which provides a corporate card and spend management platform, have teamed up in a partnership that will enable businesses to pay for “virtually any expense” via the Ramp card.
The partnership allows customers to to track and control their company’s spending in a single place. This includes larger expenses like rent, advertising and supplier costs, according to the company. More specifically, customers can charge large expenses on their Ramp card while using Plastiq to pay suppliers instantly through ACH, wire or check.
Ramp, which was launched in February 2020, provides a corporate card that aims to help businesses spend less and automate their finances. Meanwhile, Plastiq processes card payments and sends them in a form that recipients already accept, either by electronic bank transfer or check. Recipients don’t need a Plastiq account to accept card payments submitted through Plastiq.
Ramp CEO Eric Glyman told FinLedger this partnership will help clients accelerate their own companies and will also help Ramp grow in the process.
“The other thing that’s great too for our customers is that Ramp does provide financing to our customers. Customers can make a charge and every 30 days pay their statement back,” Glyman said. “So it also gives our customers additional liquidity, as well as the cashback and savings insights that they’re used to.”
Sameer Gulati, President & COO of Plastiq, said in a statement that businesses that are looking to grow quickly know that access to credit and managing their payments are imperative.
“We’re looking forward to working with Ramp to provide their high-growth clients with seamless, reliable access to more working capital,” Gulati said in the statement. “This allows them to maintain their high growth without having to ration inventory supply purchases or advertising spend based on a limited supply of immediately available cash.”
Ramp has processed more than $100 million of transaction volume and saved customers $10 million to date, it claims. Meanwhile, San Francisco-based Plastiq has powered billions in payments for 1.5 million businesses and individuals.
Ramp customers will have access to the exclusive rates for transactions processed by Plastiq, as part of its larger program that has discounts for certain services to help companies save more money, the companies claim. The companies also said that it will unlock more rewards for customers with unlimited 1.5% cash back on every Ramp card transaction.
Going forward, Glyman said he wants Ramp to have more partnerships like these while also growing awareness for the company.
“We think that most companies haven’t yet heard of Ramp,” Glyman said. “We want to expand out the number of partnerships, grow awareness, and continue to deliver great software that pushes the differentiation between what people might expect out of a regular credit card or expense management software to what we think really sophisticated software and experiences can be for companies.”
This isn’t the only partnership Plastiq has recently made, in December FinLedger reported that Plastiq and Tipalti partnered up to enable businesses to use their corporate credit cards to pay suppliers even if those suppliers don’t accept credit cards.
In other Ramp news, the company recently announced $150 million in debt financing from banking giant Goldman Sachs. Specifically, Goldman Sachs Bank USA provided the credit line to the New York-based startup.