Ramp, a leading expense management company valued at $7.65 billion, is making waves in the industry by venturing into the realm of business travel. Through a strategic partnership with Priceline, a subsidiary of Booking Holdings, Ramp has introduced a new product called Ramp Travel. This innovative solution leverages AI and automation to streamline the booking and expense process for corporate travel, offering Ramp users access to a wide range of travel inventory including flights, hotels, and more.
Ramp CEO Eric Glyman revealed that the decision to expand into business travel was driven by a significant increase in businesses utilizing Ramp for travel expenses. With 20% of annual card spend on the platform now allocated to travel-related expenses, up from 10% in 2021, the partnership with Priceline was a natural progression. Glyman emphasized the importance of consolidating travel expenses seamlessly, stating, “One in nearly every 5 dollars spent on Ramp cards is related to flights, hotels, entertainment related to travel.”
Ramp, a two-time CNBC Disruptor 50 company, has differentiated itself from traditional expense management software vendors by not only tracking spending but also helping companies save money. By highlighting duplicate expenses and facilitating contract negotiations, Ramp has become a preferred choice for businesses seeking cost-effective solutions. The foray into travel reflects Ramp’s commitment to empowering clients with comprehensive financial management tools.
Priceline CEO Brett Keller characterized corporate travel as an outdated business model that prioritizes supplier contracts over consumer preferences. He emphasized the shift towards a more customer-centric approach, stating, “The modern traveler is much smarter than that now, and they do most of the work themselves, so as a result, they should deserve access to much broader inventory and lower prices.” By challenging conventional norms, Ramp and Priceline are reshaping the corporate travel landscape.
In addition to Ramp Travel, Ramp has introduced several other features in the past year, including Ramp Intelligence and Ramp Plus, catering to the evolving needs of finance teams and enterprise clients. These strategic additions position Ramp as a versatile and forward-thinking player in the competitive spend management space. By offering a comprehensive suite of services, Ramp is poised for continued growth and disruption in the industry.
Glyman underscored the significance of the push into travel and other new offerings in attracting a diverse clientele. While the majority of Ramp customers have never raised venture capital, the platform’s appeal has grown among companies of all sizes. Glyman remarked, “It does not just deepen [Ramp] but it also opens us up to new clients that we can serve today that we couldn’t before,” highlighting the inclusive and scalable nature of Ramp’s solutions.
Ramp Travel represents a bold step towards revolutionizing business travel with cutting-edge technology and user-centric design. As Ramp continues to innovate and expand its offerings, the company is poised to redefine the standard for expense management and travel services in the corporate world. With a focus on efficiency, cost-effectiveness, and customer satisfaction, Ramp is paving the way for a new era of streamlined and empowering business travel experiences.