Ramp, the rising star in the expense management industry, is making waves once again with its recent foray into the realm of business travel. With a skyrocketing valuation of $7.65 billion, Ramp has inked a deal with Booking Holdings’ Priceline to launch Ramp Travel – a cutting-edge product that leverages AI and automation to revolutionize the booking and expense management process for corporate travelers.
CEO Eric Glyman revealed that Ramp has witnessed a significant surge in the number of businesses utilizing its platform for travel-related expenses. In fact, travel expenses now represent a staggering 20% of annual card spend on Ramp, a notable increase from the 10% recorded in 2021. This surge in travel spend has paved the way for the pivotal partnership with Priceline and the introduction of Ramp Travel.
Ramp, a two-time CNBC Disruptor 50 company, has distinguished itself from the sea of expense management software vendors by not only monitoring spending but also identifying cost-saving opportunities for companies through the detection of duplicate expenses and strategic contract negotiations. Glyman emphasized that Ramp’s meticulous approach to cost controls will be seamlessly integrated into the new travel feature.
Priceline CEO Brett Keller characterized traditional corporate travel models as “archaic,” highlighting the exorbitant fees and limited inventory options that often characterize these arrangements. By democratizing access to a broader range of travel options at reduced prices, Ramp and Priceline aim to disrupt the status quo and empower modern travelers to make informed choices.
In addition to the launch of Ramp Travel, Ramp has introduced Ramp Intelligence and Ramp Plus in the past year. Ramp Intelligence offers valuable insights for finance teams and identifies potential savings opportunities, while Ramp Plus caters to enterprise clients such as Shopify with a suite of tailored services. These strategic additions underscore Ramp’s commitment to innovation and client-centric solutions in an increasingly competitive spend management landscape.
As the expense management space becomes increasingly saturated with players like Brex, Navan, Expensify, and traditional incumbents like SAP’s Concur, Ramp’s expansion into travel and other sectors is essential for its continued growth and differentiation. CEO Glyman is optimistic that these new offerings will not only enhance Ramp’s existing client base but also attract new clients who can benefit from its innovative approach to expense management and travel optimization. With the average size of companies using Ramp doubling over the past three years, the future looks promising for this trailblazing company.
Ramp’s bold move into business travel with Ramp Travel is poised to transform the corporate travel landscape, offering a seamless, cost-effective, and customer-centric solution for businesses of all sizes. As Ramp continues to disrupt the industry with its innovative products and services, it remains at the forefront of the expense management revolution, reshaping the way companies approach financial management and travel planning in the digital age.
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