Ramp, the rapidly growing expense management company valued at $7.65 billion, has recently announced its foray into the realm of business travel through a strategic partnership with Booking Holdings' Priceline. This innovative product, named Ramp Travel, leverages the power of artificial intelligence and automation to revolutionize the process of booking and managing expenses related to corporate travel. By teaming up with Priceline, Ramp aims to offer its users seamless access to a wide range of airline, hotel, and other travel options. This move comes as a response to the increasing demand for comprehensive corporate spend platforms that not only streamline expenses but also provide additional services to retain and attract customers.
Ramp's CEO, Eric Glyman, highlighted the company's progress by revealing a significant uptick in businesses utilizing Ramp's platform for travel-related expenses, which now accounts for 20% of annual card spend, doubling from the previous year. This crucial insight prompted Ramp to collaborate with Priceline and introduce a new platform feature aimed at simplifying the travel booking process for businesses. With over 25,000 organizations currently using Ramp's platform, the company has positioned itself as a disruptor in the expense management industry by not only monitoring spending but also helping companies save money through cost-saving initiatives and contract negotiations.
Priceline's CEO, Brett Keller, described the traditional corporate travel model as outdated and inefficient, often characterized by high fees and limited supplier options. By partnering with Ramp, Priceline aims to offer a more customer-centric approach by providing access to a broader inventory of travel options at competitive prices. This shift aligns with the modern traveler's preference for autonomy and flexibility in managing their travel arrangements. Through this collaboration, both companies are well-positioned to challenge established players in the corporate travel space and capture market share by offering innovative solutions tailored to the evolving needs of businesses.
In addition to its travel feature, Ramp has introduced Ramp Intelligence, a tool designed to provide valuable insights and savings opportunities for finance teams, and Ramp Plus, a suite of services catering to enterprise clients like Shopify. These additions further solidify Ramp's position as a leading player in the spend management sector, competing with notable disruptors such as Brex, Navan, Expensify, Mesh Payments, Airbase, and Center, alongside established vendors like SAP's Concur. By diversifying its service offerings and targeting a broader client base, Ramp aims to sustain its growth trajectory and continue disrupting the industry.
Eric Glyman emphasized that the expansion into business travel and other new services not only enhances Ramp's capabilities but also attracts a wider range of clients, including those who have never raised venture capital. The average size of companies utilizing Ramp's platform has more than doubled in the past three years, signifying the company's ability to cater to the evolving needs of businesses of all sizes. By prioritizing innovation, customer-centricity, and cost-efficiency, Ramp and Priceline are poised to redefine the future of business travel and set new standards in the realm of corporate spend management.