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Stock impact report

Ramp encroaches into digital bank territory with new treasury product [TechCrunch]

First Internet Bancorp (INBK) 
Last first internet bancorp earnings: 4/22 04:52 pm Check Earnings Report
Company Research Source: TechCrunch
Today, the six-year-old fintech startup is announcing a different kind of expansion — one that takes it into more of the digital bank territory — with a new product called Ramp Treasury. In a nutshell, Ramp aims to give its customers a way to earn money and not just save cash, explains CEO and co-founder Eric Glyman, in an exclusive interview with TechCrunch. “We looked at checking accounts and deposits that clients had linked to Ramp and realized that the vast majority were earning 0.00% interest,” he said. Ramp Treasury, Glyman added, is designed to work alongside a customer's existing bank accounts, not replace them. With Ramp's new Treasury product, businesses can store cash in a business account and earn 2.5% or in a money market fund for potentially higher yields. They can have quicker access to their cash to pay bills, he said, considering cash stored in the business account is liquid. As with other fintechs operating in the space, Ramp is not a bank but rather is part Show less Read more
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