News(ish) #3: Eric Glyman, CEO @ Ramp on the + Divvy Acquisition

Why is buying Divvy to build an on-Ramp to corporate cards

Happy Weekend Fintech Family,

We’re back with more news and a special guest! Eric Glyman, CEO @ Ramp joined Lindsay (Head of Markets @ Atomic) and I to breakdown the $2.5B acquisition of Divvy.

Here’s this week’s episode: Spotify + Apple

Lindsay penned a great synopsis here. I added some of the key fast funding facts that Lindsay put together here as well:

Fast Fintech Facts:


  • Total Deal Valuation: $2.5 billion

  • Deal Terms: $625 million in cash and $1.87 billion of common stock

  • Traction: 7,500 monthly active small and medium-sized businesses (SMBs)

  • Total Payment Volume (TPV): $4 billion annually

  • Target Demographic: Corporate cards for SMBs and tech startups

  • Total Funding Prior to Acquisition: $417.5 million

  • Market Cap: $12.7 billion (as of 5/7/21)

  • Traction: 115,000 customers with a reach of 2.5 million members

  • Target Demographic: Accounting, expense management, and budgeting software for SMBs

  • Q1’21 Earnings: $59.7 million in revenues


  • Total Raised: $320 million in equity and debt

  • Last Funding Round: $115 million Q1’21

  • Valuation: $1.6 billion

  • Target Demographic: Tech startups and small businesses

  • Differentiators: Incentivizes corporate savings versus spending to earn points by offering companies 1.5% across every transaction. In an example, if a company had $200,000 monthly burn rate, they’d earn $36,000 in cash back annually.

Until next time Fam,


Zach Anderson Pettet

@zachpettet + @forfintechssake