Grasshopper Bank is partnering with Ramp to give the digital bank’s customers access to corporate cards and financial automation software, the company announced Wednesday.
The $600 million-asset bank will offer small and midsize business clients access to Ramp’s platform, including its virtual and physical corporate cards based on referral, the New York City-based bank said. The collaboration will give small businesses a holistic view of their finances in one place, the bank said.
“In this market, business owners and finance teams are under increased pressure to do more with less,” Colin Kennedy, Ramp’s chief business officer, said in a statement. “We’re proud to partner with Grasshopper to deliver small and mid-sized businesses the tools they need to save time and money when it matters most.”
The bank’s clients can apply for a Ramp card from Grasshopper’s website. Key features of the offering include a physical and digital card with unlimited 1.5% cash back, bill payments across the globe and access to spend management tools, the bank said.
Customers can also control, analyze and optimize organizationwide spending with Ramp’s software.
“Ramp shares Grasshopper’s belief that small- and medium-sized businesses are the backbone of the U.S. economy and has been steadfastly committed to helping thousands of these businesses save their most valuable resources and navigate a complex macroeconomic landscape,” Grasshopper said in a statement. “With this partnership, Ramp and Grasshopper together are doubling down on their commitment to ensuring the success, profitability, and longevity of small businesses.”
Grasshopper said the partnership may expand into the bank’s growing banking-as-a-service business by providing fintech clients seeking a corporate card offering access to Ramp.
“Ramp and Grasshopper are squarely aligned to deliver superior products and services to meet the growing demand for digital banking and finance tools among small and mid-sized businesses,” Chris Tremont, Grasshopper’s chief digital officer, said in the press release. “We empower our clients by delivering high-quality digital banking tools and resources, so they can focus more time on meeting their business goals.”
Grasshopper, when it launched in 2019, became the first new bank to be chartered by the Office of the Comptroller of the Currency in the Northeast in more than a decade, according to Forbes.
Ramp, which was also founded in 2019, has saved roughly 12,000 businesses more than $300 million and 3.5 million hours to date, it said.