How Ramp transforms the fintech industry

With the raise of AI technology the fintech (financial technology) industry is undergoing rapid transformation. Thanks to the technological innovations, the usual financial processes can be made — well, simpler. One of the companies that stand at the forefront of such changes is Ramp. It’s a fintech company that is revolutionizing expense management and corporate finance through innovations.

But what is RAMP?

Ramp is a New York-based fintech company founded in March 2019 by Eric Glyman, Karim Atiyeh, and Gene Lee. The company offers corporate bank cards and a finance operations software that helps businesses manage expenses and bill payments. Ramp's primary goal is to reduce unnecessary spending, which differs from the usual banking platforms' incentive to make clients spend more.

From the start Ramp was built with an idea to be of help for businesses’ finance departments, by enhancing automation and transparency. Eric Glyman, Ramp’s CEO, states that their clients tend to rely on the platform to manage their budgets during periods of growth or any big changes. In any case, these are times when managing finances is especially challenging.

According to Ramp, it managed to save more than $10 million for their clients, and helped them to close their books 86% faster.

RAMP innovations

• zero fees. Ramp offers a free-to-use VISA corporate card that provides 1.5% cash back on any kind of transactions. Additionally, Ramp doesn’t charge any fees for interest, late payments, or card replacements. The Ramp card, being a charge card, does not accrue interest on balances, further distinguishing it from traditional credit card options.

• cost control and automation. Ramp automates expense management processes, reducing the time and effort required to manage receipts and expenses. Unlike traditional corporate cards that encourage spending to earn rewards, Ramp's model incentivizes businesses to spend less. This approach has reportedly saved customers over $10 million in wasteful spending.

• usage of AI. Ramp leverages artificial intelligence to streamline and enhance various aspects of expense management. For example, the platform automates receipt generation and categorization. This way, it ensures error-free and efficient expense submission. With AI-generated fields and memos, Ramp guarantees accurate expense reporting and approvals. It also monitors expenses for policy compliance, automatically flagging non-compliant spending and notifying employees.

RAMP in numbers

• 150 innovative products launched in 2023 alone,
• Over $1 billion in client savings,
• 52 investors,
• More than 1.8 million visits per month.

RAMP and fintech future

Many accounting processes require time, energy, and human resources. These include tasks such as expense reconciliation and financial and tax reporting, which can become a burden for companies' accounting departments.

Ramp Intelligence platform, based on AI's like Chat GPT, addresses these issues. The platform analyzes documents, receipts, and even text messages, extracting the necessary data and significantly reducing reporting time and the number of errors.

Ramp is a prime example of how fintech companies can drive innovation and efficiency in financial management. By focusing on automation and cost control, Ramp is not only transforming its customers' financial operations but also setting new standards for the industry. As fintech continues to evolve, Ramp’s approach and technology are likely to inspire further advancements, benefiting businesses worldwide.

Disclaimer: “The use of the trademark is for informational purposes only and does not imply endorsement or affiliation. Additionally, the information in this communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities.”