Ramp

Ramp offers a comprehensive set of tools for expense and payout management. Its “5-in-1” software covers business expense cards, expense reimbursement platforms, and bill payment solutions (through ACH, checks, and virtual cards) and also includes automated accounting and reporting. Ramp came out of stealth in February 2020 with its business expense card offering (including physical and virtual cards) and thereafter expanded to other expense and payout solutions. The platform also offers bi-directional integration (to incorporate a contract review process into the approval workflow), dynamic intake forms, purchase order enhancements, among other features

The platform lets users set and implement spend controls and expense policies and also helps enterprises manage their expenses through categorization, real-time reporting, and insights. Ramp claims it can enable businesses to close their books 86% faster than through traditional expense methods and reportedly reduces its users’ spending by 3.3% on average. In October 2024, Ramp launched Ramp App Center, a new app store that allows third-party developers to build specialized apps that integrate with Ramp's platform.
 

Ramp has used acquisitions as a means of inorganic growth. In June 2023, it acquired Cohere.io , to drive AI-related projects to help customers save time and money. Ramp also offers autonomous agents that concentrate on essential tasks such as expense management, fraud detection, and contract negotiations, utilizing both internal data and the broader linguistic context from GPT and the internet. In January 2024, Ramp  acquired Venue, a procurement solutions provider (primarily for large organizations) to improve employee purchase request, approval, and payment processes..

Ramp can also be integrated with a range of third-party apps and service providers, including Amazon Business, Lyft, Corporate Traveller, Google Suite, and BambooHR.  

The company primarily generates revenue through card payment interchange fees, and was yet to generate revenue from its bill payment solution as of March 2022, despite seeing volume growth. Ramp expanded its bill payment solution in August 2022, by launching buy-now-pay-later (BNPL) solution , “Flex.” Ramp reportedly processed over USD 10 billion in accounts payable volumes annually, as of January 2024.

Key customers and partnerships

Although Ramp initially focused on the SMB market, the company has expanded its focus market to larger enterprises, including Ro, Avelo, and Anduril. Ramp had over 15,000 business customers as of August 2023. Based on the new customer sign-ups in June 2022 (compared to May) Ramp reported faster growth in its enterprise segment customer base - up 300%  - than its mid market (up 50%) and SMB (up 22%) customers. 

Ramp has also invested in several expense management companies across the globe, including MENA-focussed Pluto (February 2022) and Indian fintech Karbon . 

In November 2023, Ramp collaborated with Microsoft Copilot, integrating AI for finance tasks, including card issuance and anomaly detection, reducing manual work with the  aim of streamline finances for enhanced strategic focus.

In December 2023, Brex along with  Ramp collaborated with Uber’s enterprise arm to improve expense processing efficiency by automating the receipt handling for Uber transactions while ensuring  compliance with company policies.