Ramp, the innovative expense management company valued at an impressive $7.65 billion, has recently made a bold move by entering the realm of business travel through a strategic collaboration with Booking Holdings’ Priceline. This new venture, aptly named Ramp Travel, leverages the power of AI and automation to revolutionize the process of booking and managing expenses for corporate travel. By teaming up with Priceline, Ramp users now have access to a vast array of airline, hotel, and other travel options, making business travel easier and more efficient than ever before.
According to Ramp CEO Eric Glyman, there has been a significant increase in businesses using Ramp for travel-related expenses, with travel now accounting for 20% of annual card spend, up from just 10% in 2021. This surge in travel spending among Ramp users was the driving force behind the partnership with Priceline and the development of the new Ramp Travel platform. Glyman highlighted that a substantial portion of Ramp card spending is allocated to flights, hotels, and other travel-related expenses, underscoring the importance of integrating travel services into Ramp’s offerings.
Ramp, a two-time CNBC Disruptor 50 company, has differentiated itself from other expense management software providers by not only tracking spending but also helping companies identify and eliminate unnecessary expenses through features like flagging duplicated charges and facilitating contract negotiations. This same commitment to cost control will be applied to Ramp’s travel services, offering clients a comprehensive solution for managing all aspects of corporate spending. By focusing on efficiency and cost savings, Ramp aims to appeal to companies looking to streamline their financial processes and maximize their travel budgets.
Priceline CEO Brett Keller aptly described traditional corporate travel models as “archaic,” emphasizing the need for a more customer-centric approach that empowers travelers to make informed decisions and access a wider range of travel options at competitive prices. By partnering with Ramp, Priceline aims to disrupt the industry by offering a more flexible and cost-effective alternative to the rigid and costly travel programs typically favored by larger corporations. This shift towards a more user-centric travel experience reflects the changing preferences and expectations of modern business travelers.
In addition to its foray into business travel, Ramp has introduced several new features in the past year, including Ramp Intelligence, which provides valuable insights for finance teams, and Ramp Plus, a suite of services tailored for enterprise clients like Shopify. These additions, along with Ramp’s emphasis on customer acquisition and retention, are crucial to sustaining its growth and remaining competitive in the increasingly crowded spend management market. By continuously innovating and expanding its offerings, Ramp aims to strengthen its position as a market leader in expense management and travel services.
Ramp’s strategic partnership with Priceline and its expansion into business travel represent a significant milestone in the company’s journey towards offering a comprehensive spend management solution for businesses of all sizes. By leveraging cutting-edge technology and a customer-centric approach, Ramp is poised to revolutionize the way companies manage their travel expenses and drive efficiency and cost savings across their organizations. With a focus on innovation and growth, Ramp is well-positioned to shape the future of business travel and redefine the industry standards for corporate spending management.
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