If Ramp is getting all the business, is there any reason to think they wouldn't command a much higher valuation?

Brex killed a ton of their customer relationships to "refocus" on larger biz. That created a lot of negative sentiment for the brand.

> All Ramp did was spend more on ads and marketing

That's distribution. It matters.

Ramp has a much more synonymous name, better recognition, and less bad reputation.

Distribution is king. Kudos to Ramp for that. My weird thesis is that for whatever reason Ruby on Rails shops just seem to survive more. I wonder if someone did a stack specific survival rate analysis.