After Rippling's latest funding round at an $11.3 billion valuation in May, Forbes estimates that cofounder and CEO Parker Conrad is worth $2.2 billion.At Rippling, cofounder and CEO Parker Conrad keeps a close eye on his rapidly-growing tech startup. Though the company has grown to 1,700 people from 60 four years ago, he claims he personally manages payroll, employee expenses and corporate card approvals.
The new product brings Rippling another step closer to arranging and connecting the disparate employee data it amasses, from personal information to the apps installed on an employee’s laptop, in the same way CRM behemoth Salesforce has unified customer relationship information. Conrad sees this as a massive opportunity. He believes the scope of employee data “is at least as large, and maybe even much larger than” the sales, marketing and customer relationship data Salesforce manages.
With its new offering, Rippling is challenging both buzzy corporate card startups like Brex , and more established fintechs like bookkeeping company Bill.com and expense manager Expensify . “I think that the difference between us and these other businesses is that most of them don’t have the depth of understanding of employee data that our own native products will,” Conrad said.