Ramp, one of the fastest-growing expense management companies in the market, has recently entered into the business travel sector through a strategic partnership with Booking Holdings’ Priceline. This move comes as an increasing number of corporate spend platforms are looking to expand their services and provide additional value to their customers. The new product, Ramp Travel, leverages advanced AI and automation technologies to simplify the process of booking and managing expenses for business travel. By teaming up with Priceline, Ramp users now have access to a wide range of travel inventory including flights, hotels, and other related services.
Ramp CEO Eric Glyman highlighted the significant growth the company has experienced, with over 25,000 businesses currently utilizing its platform. In addition to being recognized as a two-time CNBC Disruptor 50 company, Ramp sets itself apart from other expense management software vendors by not only tracking spending but also helping companies save money through various means such as identifying duplicated expenses and facilitating contract negotiations. As a result, Ramp has become a preferred choice for businesses looking to streamline their expense management processes and reduce costs.
Disrupting the Corporate Travel Industry
With the launch of Ramp Travel, both Ramp and Priceline aim to revolutionize the corporate travel sector by offering a more efficient and cost-effective solution for companies. According to Glyman, a significant portion of the annual card spend on Ramp is related to travel expenses, indicating a growing demand for streamlined travel booking and expense management solutions. Priceline CEO Brett Keller criticized the outdated business model of corporate travel, which often involves high fees and limited inventory options. Keller emphasized the need to provide modern travelers with access to a broader range of travel inventory at lower prices, reflecting the changing preferences and behaviors of today’s corporate travelers.
In addition to Ramp Travel, Ramp has introduced several new features in the past year to enhance its platform and provide more value to its clients. Ramp Intelligence generates actionable insights for finance teams and suggests potential savings opportunities, while Ramp Plus offers a suite of services tailored for enterprise clients like Shopify. These new additions have allowed Ramp to stay competitive in the crowded spend management space, where it faces tough competition from other industry disruptors as well as traditional players like SAP’s Concur.
Future Growth and Opportunity
Glyman believes that the expansion into travel and the introduction of new offerings will not only deepen Ramp’s market presence but also attract new clients to its platform. Despite the majority of Ramp customers never having raised venture capital, the company has witnessed a significant increase in the average size of companies using its platform over the past few years. By catering to the evolving needs of modern businesses and travelers, Ramp is poised for further growth and disruption in the expense management and business travel sectors.
Overall, Ramp’s entry into the business travel space marks a significant milestone in the company’s journey towards providing comprehensive and innovative solutions for expense management and travel. With a focus on technology, automation, and customer-centric services, Ramp is well-positioned to drive change and redefine the way businesses approach corporate travel and expense management.
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