Ramp passes $600M in savings; chosen by Shopify as its sole expense management provider

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Aug 01, 2023, 10:06 ET

Introduces new platform offering with advanced capabilities for complex businesses

Announces Shopify as a customer and 3x YoY growth in savings delivered to customers, helping companies grow from startups to global enterprises
Unveils Ramp Plus, a new edition of Ramp's core platform intentionally designed to support the sophisticated needs of complex businesses using Ramp
Enters global procurement market with new and automated procure-to-pay solution, becoming the most comprehensive finance operations platform in the market
Provides complimentary access to Ramp Plus for all existing SMB and mid-market customers for one year beginning this fall

NEW YORK, Aug. 1, 2023 /PRNewswire/ -- Ramp, the finance automation platform and first corporate card designed to help businesses spend less, has helped its 15,000+ customers collectively save more than $600 million and over 8.5 million hours of employee time by controlling spend and automating manual tasks. This figure grew three times year over year and has been driven by the company's growth and continued investment in its flagship platform — such as ensuring the best price for software and auto-completing expense reports — designed to save businesses time and money.

Ramp's platform has always supported a wide range of customers, from fast-growing tech startups, to family-owned businesses, to the world's largest and most sophisticated enterprises– united in their pursuit to build more efficient, sustainable, and durable businesses. Today, the company announced that Shopify, the leading e-commerce enablement company and trusted partner to millions of entrepreneurs, has chosen Ramp as its exclusive expense management provider.

With the guidance of customers like Shopify, Ramp has created a new edition of its flagship product offering, with new capabilities purpose-built for businesses with complex financial needs. Ramp Plus offers companies the ability to:

Control shadow spend from employee purchasing as they scale, with an automated and customized procurement solution.
Scale with ease and operate anywhere in the world, with consolidated global spend across international and domestic entities.
Automate complex financial processes in minutes with custom workflows–no coding necessary.
Prevent overspending with advanced roles, permissions, and policy enforcement.
Integrate within their existing stack across HRIS, ERP, and data warehousing, using custom and flexible integrations and best in class APIs.

Modern companies are using Ramp to solve their most challenging financial needs
"Our needs are incredibly complex, we weren't sure anyone could meet them and tried to build a platform ourselves. But then we found Ramp, and we saw a system that had the features we needed to operate and the building blocks we needed in the future," said Phil Whitham, Director and International Controller, Shopify. "We've been in a state of hypergrowth for 10 years, so we know when a partner has the commitment to support that kind of scale. Ramp has shown the commitment we need from a long-term partner."

Ramp is the most comprehensive, end-to-end finance operations platform
Ramp's entry into procurement allows finance teams to manage the procure-to-pay process, from requests and approvals to purchase orders and payments. Ramp Procurement gives finance teams the tighter purchasing controls needed to get more spend under management and prevent out-of-policy spend before it happens, while providing employees and cross-functional approvers an intuitive purchasing and approval experience.

This expansion significantly widens the total addressable market for Ramp – bringing together bill payments, vendor management and price intelligence, procure-to-pay, and spend management into a unified, integrated platform that's designed to save time and money. Businesses on Ramp will have total visibility into spend requests, can price benchmark software purchases before they buy, negotiate with one click, pay their vendors, and finance all payment methods – all with granular controls like industry-first merchant blocking.

"We believe businesses deserve more from their financial services software and are committed to saving them time and money," said Eric Glyman, CEO, Ramp. "Customers want procurement cycles to be more efficient, with a centralized view of the process, from purchase requests to vendor management and payment. We provide control with speed – which is embedded in everything we do – to save businesses their time and shareholders' capital."

About Ramp Plus
Ramp Plus will be available as an optional, paid plan in early September. While large businesses with complex needs will find the most value with Ramp Plus, as a thank you to its existing customers, Ramp will automatically give complimentary access to all existing SMBs and mid-market business customers for one year. Ramp's core platform, which includes the fastest-growing corporate card and bill payment software in America and much more, is the leading solution for growing and innovative companies and will remain free.

About Ramp
Ramp is the ultimate platform for modern finance teams. From corporate cards and expense management software, to bill payments and vendor management, Ramp is the all-in-one solution designed to automate finance operations and build healthier businesses. Over 15,000 businesses have switched to Ramp to save an average 3.5% more and close their books 8x faster. Learn more at ramp.com.

Contact
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SOURCE Ramp