Shruti GautamTLDR:
- Fintech Ramp has acquired AI-powered startup Venue in order to expand its procurement offering.
- Ramp aims to use AI and automation to streamline and eliminate inefficiencies in back-end business processes like procurement.
US-based spend management company Ramp is expanding its procurement offering through the acquisition of AI-powered startup Venue. Ramp made the announcement in January 2024, though it actually acquired Venue in August 2023. Venue, founded in 2022, aims to simplify vendor management processes for businesses. Ramp believes that back-end business processes like procurement are “ripe for practical automation and AI implementations” and plans to use its acquisition of Venue to grow its procurement segment and serve more businesses with efficient and organised software.
Ramp asserts that it has the capability to manage over $10 billion in annual accounts payable spend. The company aims to evolve into a comprehensive solution for all financial operations, using AI to streamline and eliminate inefficiencies throughout the financial tech stack. Ramp highlights the transformative impact of AI and automation on back-end business processes in its product updates, emphasising how they can simplify operations and enhance the efficiency of modern business workflows.
In August 2023, Ramp secured a $300 million Series D funding round to support product development and expansion into new areas. The platform, which encompasses spend management, accounts payable, vendor management, price intelligence, and procurement, aims to enhance efficiency and profitability for businesses. Ramp measures its success based on time and money savings for customers and aims to set a new standard for transparency, value, and tangible savings in the industry.
In the same month of 2023, Ramp expanded into procurement and formed an exclusive partnership with Shopify. Initially focused on small-to-medium-sized businesses, Ramp serves family-owned businesses, tech startups, and large enterprises. The platform, which recently achieved $600 million in savings, introduced Ramp Plus, an enhanced product offering that integrates bill payments, vendor management, price intelligence, procure-to-pay, and spend management. Shopify chose Ramp as its exclusive expense management provider, leading to the development of this enhanced product offering.
