Ramp

What is Ramp?

Ramp is a fintech company offering AI-powered tools for businesses to track expenses, manage payments, and improve financial oversight. The company uses AI to help with tasks like contract analysis, pricing comparison, and tracking employee spending in real-time. Ramp has experienced significant growth, reaching $100 million in annualized revenue and helping customers save over $400 million in expenses. The company focuses on building genuine partnerships with customers and accounting firms, aiming to provide personalized and secure financial services .

Who created Ramp?

Ramp was founded by Eric Glyman and launched on May 18, 2023. The company has rapidly grown, with an annual revenue exceeding $300 million and a valuation of $5.8 billion. Ramp's unique selling point is its focus on helping customers reduce spending by providing a corporate card and additional tools like procurement software. The company has also expanded its offerings through acquisitions and strategic partnerships, including with high-profile companies like Microsoft. With a strong emphasis on innovative AI tools and a product-first approach, Ramp has gained popularity and recognition as one of the top startups in the U.S..

What is Ramp used for?

• Expense Management
• Consolidate corporate cards, expense management, bill payment, and more into one platform
• Expand into travel to help business travelers book anywhere with control over travel
• Offer free payments software targeting Bill.com
• Track all vendors and contracts for organized vendor management
• Automate expense submissions and provide smart recommendations based on financial data
• Speed up monthly close process by automating coding of receipts and categorizing transactions
• Automatically pull details from vendor contracts for pricing and software seats analysis
• Detect unusual employee spending in real-time for improved oversight
• Help customers with expense management, payments, reporting, and more through AI and automation
• Assist in successful negotiations by providing cost comparisons and insights for software prices
• Automate the coding of employee receipts
• Expense management by automating collection and matching of receipts
• Detect non-compliant expenses and flag them
• Provide detailed transaction data and recommendations for cost reduction
• Automate expense submissions
• Vendor management to track all vendors and transactions
• Price intelligence to get the best software deals
• Generate fields, categories, and memos for error-free expense submission
• Answer questions, build approval workflows, and suggest ways to reduce costs
• Utilize crowd-sourced data for cost comparisons and negotiations
• Consolidating corporate cards, expense management, and bill payment into one platform
• Expanding into travel to help business travelers book anywhere with enhanced insight and control over travel
• Targeting Bill.com with free payments software
• Helping businesses save money by offering cashback cards and software to identify savings opportunities
• Automating payments through AI analysis of email invoices and approving payments via credit card, ACH, or check
• Introducing AI tools for tracking business costs and detecting unusual employee spending in real time
• Being the fastest-growing corporate card in the US and facilitating over $1 billion in annualized transaction volume
• Providing a product-first, gimmick-free approach that resonates with small-business owners and helps in reducing expenses
• Rolling out a product for accountants to create genuine partnerships with accounting firms
• Helping companies manage expenses by offering Flex funding options between 30 and 90 days
• Vendor Management
• Smart Accounting
• Price Intelligence for Software Purchases
• Automated Coding of Receipts
• Automated Expense Submissions
• Automated Detection of Non-Compliant Expenses
• Assistive Features by Copilot AI Assistant
• Negotiation Assistance with Price Intelligence
• Utilization of Crowd-Sourced Data for Cost Comparisons

Who is Ramp for?

• Finance Managers
• Human Resources Managers
• Operations Managers
• Accountants
• Corporate Finance Teams
• Finance professionals
• HR Professionals
• Business owners
• Corporate professionals

How to use Ramp?

To use Ramp efficiently, follow these steps:

1. Vendor Management: Utilize the Vendor Management feature to track vendors and contracts, maintaining an organized process.

2. Smart Accounting: Speed up monthly processes by allowing Ramp to automate the coding of employee receipts based on set criteria.

3. Expense Management: Automate collection, matching of receipts, and expense submissions with AI-generated fields for accurate reporting.

4. Copilot AI Assistant: Benefit from detailed transaction data, cost reduction suggestions, and transparent financial insights provided by Copilot.

5. Policy Compliance: Ramp ensures policy adherence by flagging non-compliant expenses, ensuring financial discipline.

6. Financial Transparency: Gain transparency into financial data through detailed insights provided by Copilot, fostering trust in recommendations.

7. Opportunity Uncovering: Ramp identifies cost-saving opportunities, optimizing spending through insightful data analysis.

8. Integrated Features: Access early AI features like Vendor Management, Price Intelligence, Smart Accounting, and Copilot for enhanced financial management.

9. Cost Optimization: Ramp optimizes financial management by automating tasks, uncovering opportunities, and streamlining financial operations effectively.

10. Support and Integration: Customize Ramp according to your business needs, integrate with accounting systems for streamlined operations, and benefit from dedicated support for seamless usage.

By following these steps and leveraging Ramp's key features, you can streamline financial processes, optimize costs, and empower your finance team effectively.