The Fintech Startup is Merely Skimming the Surface of Its Potential – Ramp Chief

Over the past few decades, the fintech industry in the USA has been performing well. The technological advancement has disrupted traditional financial practices and given rise to the dynamic realm of FinTech. The growth of fintech in the US can be attributed to multiple factors, like the rising adoption of smartphones, digital banking, and online payment platforms. According to Statista, the current fintech market in the USA reached USD 4 trillion in the current year with a CAGR of 11%. In the last year, there were around 8,775 fintech startups in America. 

Despite all the significant growth in the fintech industry in the USA, Eric Glyman, the Co-founder and CEO of Ramp, thinks that industries and companies like his are just scratching the surface. One of the TechCrunch podcasts, Glyman, said that despite how much his unicorn corporate card and expense startup has grown so far, it’s only tapped into 1% of its potential market share. The arrival of new unicorns and sustained interest in specific segments, such as payment technologies, indicate potential growth areas in the fintech industry. Nevertheless, the industry is declining to some extent. Speaking on the matter, Glyman said, “As quickly as we’ve grown, in our largest market of cards, we still have 99% plus of the market to go.” 

The fintech industry has grown exponentially in the past few years, so Glyman built his first startup before the hype cycle. Glyman, along with his current co-founder Karim Atiyeh, established their first fintech startup, Paribus, back in 2014. The company raised just $2 million before getting snapped by Capital One. Since the times have changed for the fintech industry, Glyman spoke about what it takes to raise funds for fintech startups because the market has shifted over the last decade. He also talked about how Ramp thinks the company is expanding into new categories. Ramp was established in 2019 in New York; since then, the startup has raised over $1.7 billion from venture capitalists and was last valued at $5.8 billion in August 2023. 
The fintech market in the USA is at the helm for rapid growth in the upcoming years. However, if startups continue to do the basics, they will not be able to keep up with the pace of the growing trend in the fintech industry for a long time.

Leave a Reply