Ramp, the leading expense management company with a valuation of $7.65 billion, is making waves in the business travel sector by partnering with Booking Holdings’ Priceline. This strategic move comes as a response to the increasing demand for comprehensive corporate spend platforms that offer additional services to attract and retain customers in a competitive market.
The collaboration with Priceline has resulted in the launch of Ramp Travel, a revolutionary product that leverages AI and automation to streamline the booking and expense management process for business travel. By providing Ramp users access to a wide range of airline, hotel, and travel inventory, Priceline aims to simplify and enhance the travel experience for corporate clients.
According to Ramp CEO Eric Glyman, there has been a notable increase in businesses using Ramp’s platform to manage travel expenses, with travel-related spending accounting for 20% of annual card spend, up from 10% in 2021. This shift in consumer behavior towards utilizing cards and budgets for travel has prompted Ramp to introduce the new platform feature in collaboration with Priceline.
Ramp, a two-time CNBC Disruptor 50 company, has set itself apart from other expense management software vendors by not only tracking spending but also helping companies save money through expense flagging and contract negotiations. With the introduction of Ramp Travel, the same cost-saving approach will be applied to the travel segment, challenging the traditional corporate travel model.
Priceline CEO Brett Keller describes the current corporate travel model as “archaic,” highlighting the reliance on high fees and limited supplier options that often lead to inflated prices. By offering a more diverse inventory and competitive pricing, Ramp Travel aims to empower modern travelers to make informed choices and optimize their travel expenses.
In addition to Ramp Travel, Ramp has introduced other innovative features such as Ramp Intelligence, which provides insights for finance teams, and Ramp Plus, a suite of services tailored for enterprise clients like Shopify. These strategic additions are essential for Ramp’s growth and ability to compete with other players in the crowded spend management space.
As Ramp continues to expand its offerings and attract a broader client base, its foray into business travel with Ramp Travel marks a significant milestone in its journey towards redefining corporate expense management. By harnessing the power of technology and strategic partnerships, Ramp is poised to revolutionize the way businesses approach travel expenses and optimize their financial operations for long-term success.