Ramp, the expense management company that has been making waves in the industry with its recent valuation of $7.65 billion, is now venturing into the realm of business travel through a strategic partnership with Booking Holdings’ Priceline. This move comes as more and more corporate spend platforms are looking to enhance their services in order to attract and retain customers. The new product, Ramp Travel, leverages the power of AI and automation to streamline and simplify the process of booking and managing expenses for business travel. By teaming up with Priceline, Ramp is able to provide its users with access to a wide range of airline, hotel, and other travel inventory.
Ramp’s Growing Presence in the Market
CEO Eric Glyman of Ramp has noted a significant increase in businesses using the platform for travel-related expenses, with 20% of the annual card spend now being allocated to travel, up from just 10% in 2021. This surge in travel-related spending prompted Ramp to forge the partnership with Priceline and introduce the new platform feature. Glyman highlighted that a substantial portion of spending on Ramp cards is attributed to flights, hotels, and entertainment related to travel, emphasizing the importance of seamlessly integrating these expenses.
Ramp, a two-time CNBC Disruptor 50 company, has been focused on setting itself apart from other expense management software vendors by not only monitoring spending but also helping companies save money through identifying duplicated expenses and negotiating contracts. This approach to cost control will now extend to the realm of travel, where Ramp aims to challenge the traditional corporate travel model that often comes with high fees and limited options. Priceline CEO Brett Keller described the current corporate travel system as outdated and inefficient, noting that modern travelers prefer having access to a broader inventory and lower prices.
In addition to its foray into business travel, Ramp has introduced other features such as Ramp Intelligence, which provides insights for finance teams and suggests savings opportunities, and Ramp Plus, a suite of services tailored for enterprise clients like Shopify. The competitive landscape of the spend management space includes both disruptive newcomers like Brex and Navan, as well as established players like Expensify and SAP’s Concur. With the addition of travel services and other new offerings, Ramp is well-positioned to expand its client base and continue its growth trajectory.
Despite the majority of Ramp’s clients not having raised venture capital, the platform has experienced significant growth in the size of companies using its services over the past three years. CEO Glyman expressed confidence that the company’s expansion into travel and its array of new offerings will not only strengthen its existing client relationships but also attract new clients who were previously beyond its reach. By staying ahead of the curve and offering innovative solutions, Ramp is poised to make a significant impact in the ever-evolving landscape of expense management and business travel.
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