New York, NY
Ramp is a fintech company building the next generation corporate card. They are the only corporate card and spend management platform designed to help businesses spend less.
When Ramp launched in 2019, they prioritized KYB and KYC checks to avoid costly mistakes and comply with their partner bank's requirements. They enlisted Alloy to manage their customer onboarding process, ensuring they are AML compliant, while minimizing risk and fraud.
By automating identity and business verification processes with Alloy Onboarding, Ramp's team has more time to focus on solving complex business problems, such as how to optimize their risk thresholds to approve more customers.
Unlike traditional corporate credit cards that encourage customers to spend more in order to rack up points, Ramp changes the focus and does away with the points system in favor of transparent 1.5% cash back. They provide virtual and physical corporate cards with built-in controls that eliminate expense reports. Ramp offers 10-20x higher limits and no fees for their customers that range from start-ups to established enterprises. Their spend management platform focuses on digitizing expense policies and preventing out-of-policy spend before it happens. Given their product and streamlined operations, Ramp strives to only provide legitimate companies a line of credit that fits their needs and is affordable to pay back.
To prevent fraud and to comply with regulations, Ramp is required to verify the identity of businesses and individuals before an account is opened. As a startup company, Ramp's Risk Operations team did not have the bandwidth to build and manage the KYB and KYC processes on their own while figuring out ways to optimize how much risk they were willing to take on.
Ramp was looking for an industry-recognized platform that could address their KYB needs. Alloy got them up and running quickly, accurately, and provided a record of every workflow for Ramp's partners to audit.
Alloy Onboarding allows Ramp to cut application review time by 25% . Its flexibility enables Ramp to create workflows that map to the list of requirements needed for auditing purposes. The team can also test different data sources for KYB and KYC checks, ultimately increasing the number of legitimate businesses it can onboard and the amount of credit they can offer these businesses.
In situations where fraudulent applications are submitted, the Ramp team can identify the mismatched criteria in minutes and action it accordingly, preventing fraudsters from becoming customers in the first place.
During the manual review process, Alloy makes it easy for Ramp's customers to upload verification documents securely. Ramp's team can manage the documents within the dashboard to eliminate the risk of downloading and housing sensitive documents on their servers.
Alloy arms Ramp with a team that are 100% focused on the identity and business verification process. With this much focus being given to KYB & KYC, the Ramp team knows they can catch fraudulent actors before any damage is done.
Fraud detection efficiency improved by 75%
Application review time reduced by 25%
Over 90% of applications sent to manual review are resolved
Since launching in 2019, Ramp has successfully onboarded thousands of clients with Alloy Onboarding. In April 2021, they secured $115M in new funding, tipping their valuation over $1.6B and making them the fastest-growing New York-based startup. They are the first NY startup to hit unicorn status in less than two years from incorporation.