Ramp, the expense management company, has recently made a significant move into the business travel sector through a strategic partnership with Booking Holdings’ Priceline. This new venture, named Ramp Travel, is designed to revolutionize the way companies book and manage expenses related to business travel. By leveraging AI and automation, Ramp aims to streamline the process for its users, providing them with access to a wide range of travel inventory, including flights and hotels, through Priceline.
Ramp CEO Eric Glyman highlighted the increasing demand for travel-related services among the platform’s users, with 20% of annual card spend now being allocated towards travel expenses, up from 10% in the previous year. This surge in travel-related spending prompted Ramp to explore new opportunities and ultimately led to the collaboration with Priceline. Glyman emphasized the importance of offering a comprehensive solution that integrates expenses seamlessly for businesses.
Priceline CEO Brett Keller described traditional corporate travel models as outdated and inefficient, with companies often locked into high-cost agreements with a limited set of suppliers. By partnering with Ramp, Priceline aims to disrupt this model by providing users with a wider range of options at lower prices. This aligns with Ramp’s core mission of empowering businesses to make smarter financial decisions and optimize their spending.
In addition to its foray into business travel, Ramp has introduced several new features over the past year to enhance its platform. Ramp Intelligence offers valuable insights for finance teams, while Ramp Plus provides tailored services for enterprise clients like Shopify. These innovations are crucial in a competitive landscape crowded with industry disruptors like Brex and Navan, as well as established players such as Expensify and SAP’s Concur.
Eric Glyman expressed confidence that Ramp’s expansion into travel and other service offerings will drive client acquisition and support the company’s growth trajectory. Despite the majority of Ramp’s customers being non-venture capital backed, the platform has attracted a growing number of mid-sized companies seeking to optimize their financial operations. Glyman anticipates that Ramp’s expanded capabilities will not only deepen its existing client relationships but also attract new clients who can benefit from its innovative solutions.
Overall, Ramp’s strategic move into business travel marks a significant milestone in the company’s evolution. By combining cutting-edge technology with a customer-centric approach, Ramp is well-positioned to disrupt the expense management industry and redefine the way businesses approach travel and spending management.