Ramp, the innovative expense management company with a recent valuation of $7.65 billion, is making waves in the industry by expanding into the realm of business travel. The company has announced a groundbreaking partnership with Booking Holdings’ Priceline to launch a new product called Ramp Travel. This new platform utilizes cutting-edge AI and automation technologies to streamline and simplify the process of booking and managing expenses related to business travel. With Priceline onboard, Ramp users will now have access to a wide range of airline, hotel, and other travel options, making business travel more efficient and hassle-free.
The Growing Trend of Corporate Travel
According to Ramp CEO Eric Glyman, the company has witnessed a significant increase in businesses using Ramp cards for travel expenses. Currently, travel-related spending represents 20% of annual card spend on the platform, a substantial leap from the 10% recorded in 2021. This surge in travel-related transactions prompted Ramp to venture into the world of business travel and forge a partnership with Priceline. Glyman emphasized the importance of integrating all aspects of business spending into a cohesive platform, highlighting the need for a seamless experience for users.
Ramp has differentiated itself from other expense management software vendors by offering more than just tracking spending. The company focuses on helping businesses save money by identifying duplicate expenses and negotiating favorable contracts. This same approach will be applied to the new travel feature, aiming to provide users with a cost-effective and efficient travel booking experience. By targeting corporate travel offerings that rely on high fees and limited supplier options, Ramp and Priceline are poised to disrupt the traditional business travel landscape.
In addition to the travel feature, Ramp has introduced several new offerings in the past year to enhance its platform. Ramp Intelligence provides valuable insights for finance teams, while Ramp Plus offers a suite of services tailored to enterprise clients like Shopify. These new additions aim to position Ramp as a leader in the crowded spend management space, competing with industry giants like SAP’s Concur and emerging disruptors like Brex and Navan. CEO Eric Glyman believes that these new features will not only attract new clients but also drive growth and expansion for Ramp.
Expanding Client Base and Market Reach
Despite the influx of new clients, Ramp remains committed to serving businesses of all sizes, including those that have never raised venture capital. The company has seen a significant increase in the average size of companies using its platform over the past three years, signaling its appeal to a wide range of organizations. By diversifying its offerings and venturing into new territories like business travel, Ramp is poised for continued success and disruption in the expense management industry.
Ramp’s foray into business travel represents a significant milestone for the company and the industry as a whole. By leveraging advanced technologies, forging strategic partnerships, and prioritizing customer satisfaction, Ramp is paving the way for a new era of seamless and efficient business travel. With its innovative approach and commitment to growth, Ramp is poised to redefine the future of corporate travel and solidify its position as a key player in the expense management market.