FinTech news in Keith Rabois category

He will continue developing the company’s technology, including automating the process of acquiring merchants on Shopify and accelerating the operational efficiencies running these online stores through OpenStore, even going so far as to reduce the acquisition offer from the current 24 hours down to an hour, the company said. The early success of the company may lie in the makeup of its founders: OpenStore is led by some heavy hitters, including Founders Fund general partner Keith Rabois and Jack Abraham, Atomic founder and managing partner, who started the company along with Matt Lanter and Jeremy Wood. In addition, while funding to aggregators has slowed to a comparative trickle — $9 billion of funding went into aggregators by September 2021, compared with $2 billion over the same period in 2022, per the Financial Times — the Miami-based company is among the recipients of some of those recent investment dollars. The company said this is a 25% increase in the company’s valuation from its previous round of $75 million in funding announced in November 2021.

Pulley is also helping companies weather this economic downturn, and though most of the companies Pulley works with are at an earlier stage and aren’t seeing the kinds of layoffs occurring in later stages, I asked Wu what kinds of questions Pulley was getting from customers.

Earlier this month, Ramp also announced a partnership with Amazon for Business, in which customers can connect their Amazon Business account to Ramp and then anytime an employee uses one of its cards to make a purchase, Ramp automatically pulls the receipt. Notably, Ramp is college friends Glyman and Atiyeh’s second venture in the spend management industry following the sale of online price tracker Paribus to Capital One in 2016.