BREX VS RAMP Brex was larger and had a head start. Ramp closed the gap and took the lead. Brex exited at $5 Bn valuation to $COF Ramp priced at $44 Bn (although I see this valuation as funny money land, no strategic buyers there, and no public markets support). How did Ramp pull ahead? Observations: 1) Ramp started later. First mover advantage is over-rated. ‘You can spot a pioneer by the arrows in their back’ (see MySpace, BetaMax, Word Perfect, Xerox Parc, Netscape, DVR, etc) 2) Ramp ran a classic ‘land and expand’ playbook. Own the customer. Expand to AP, Travel, expense management. And, they had a single unifying value prop: ‘expense control’ 3) Timing Notably, Visa had rolled out all sorts of card expense management tools back in 2004 thru 2006. I was a youn
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