Plastiq and Ramp partner to enhance credit cards
With increased digital transformation, commercial payments firms have seen a shift in business patterns. Many have formed partnerships with other companies in order to provide competitive products and services.
In such, California-based non-bank payments company Plastiq has partnered with Ramp which is a non-bank corporate card issuer and a spend management platform. Under this partnership, the two would help businesses pay for virtually any business-related expenses with Ramp cards.
Also, the business clients would be able to track, manage and control all their expenses and spending in a single place, including ‘larger expenses that don’t normally fit on a credit card’.
In December 2020, Plastiq and Tipalti had announced a partnership for working capital and bill automation.
“For businesses looking to scale rapidly, access to credit and the ability to intelligently manage their payments are paramount,” said Sameer Gulati, President & COO of Plastiq.
The press release also noted that Plastiq allows businesses to pay their suppliers with their credit cards even when cards aren’t accepted allowing them to scale working capital.
“Plastiq has already powered billions in payments for 1.5M individuals and businesses, while Ramp has processed more than $100M of transaction volume and saved customers $10M to date”. The integration would allow businesses to charge business costs on Ramp cards and also use Plastiq to pay their suppliers via ACH, wire or check.
As an unregulated fintech, Ramp depends on FDIC (Federal Deposit Insurance Corporation)-insured Sutton Bank which issues its Visa corporate card behind the scenes. The company is headquartered in New York and has till now raised $200 million to date from Coatue Management, D1 Capital Partners, Founders Fund, and Goldman Sachs.