Corporate spend management startup Ramp has released a travel-specific solution designed to help companies enforce policies, ease expense reporting and provide data to travel managers.
The Ramp for Travel tool, which Ramp is making available at no additional charge for its current clients, lets travel managers set policies for air, travel and lodging and spending limits and receive alerts whenever employees are spending out of policy. The tool also compiles spending data into a dashboard for travel managers where they can monitor active employee trips.
Ramp also is beta-testing an extension for Google’s Chrome browser that enables employees to book travel with any booking service and quickly access their card details and policy requirements as well as immediately upload receipts, according to the company.
In addition, Ramp announced a travel partner program that includes integration with both Corporate Traveler’s and TravelPerk’s booking platforms. Lyft also is a partner in the program, with Ramp automatically collecting receipts for expense reporting when Lyft rides are booked, as well as WeWork, which is providing discounts for Ramp customers.
Last August, Ramp, which had launched corporate card services two years prior, announced a $3.9 billion valuation with 2,000 U.S. businesses using it as their primary spend management tool and a five-fold increase in cardholders since Jan. 1. Tech news website The Information recently reported that valuation has jumped to $8 billion with its latest round of funding.
Ramp in August also announced it had bought negotiation-as-a-service platform Buyer with an eye on developing products to help customers negotiate rates, including for travel, according to the company.
Fintech companies have been showing a growing interest in travel-specific offerings of late. Coupa earlier this month announced the release of a travel-booking module, built from its acquisition of Pana. Among the legacy banking players, U.S. Bank parent company U.S. Bancorp recently acquired SME-focused travel and expense platform TravelBank, and JPMorgan Chase & Co. reportedly has reached an agreement to acquire travel management company Frosch.
Travel, meanwhile, represents a growing portion of Ramp’s client expenses, accounting for 6.2 percent of card spending in November compared with 2.2 percent in January 2021, according to Ramp. The company said that while travel spending November dipped from October, it since has “risen sharply” at companies with more than 250 employees, most swiftly at companies focused on capital goods, commercial and professional services and diversified professional services.