Ramp, the finance automation platform and corporate card designed to help businesses spend less, announced international capabilities “for bill payments, short-term bill financing, and employee reimbursement products.”
Businesses on Ramp can now “consolidate their international and domestic spend, pay international vendors, and reimburse international employees for out-of-pocket expenses in their local currency.”
Eric Glyman, co-founder and CEO, Ramp, said:
“Over the past year, it became clear to us that U.S.-based companies need tools to help them run more profitably as they do business abroad. We’re not the first to offer international capabilities but we’re the only ones designing our products with the intention of saving businesses time and money – whether that’s by helping companies automatically track often unclaimed tax credits or offering flexible financing in any major currency.”
Last month, Ramp reportedly “powered tens of millions in international transactions, while international spend and international shipments of cards grew 5.6x and 60x, respectively, year-over-year.”
Ramp’s fastest-growing customer segment “is mid-market and enterprise companies, which continue to grow despite economic headwinds.”
79% of U.S. mid-market businesses “experienced year-over-year revenue growth and nearly three in five of these companies plan to grow their workforce into 2023, according to a report by The National Center for the Middle Market.”
Ramp supports “over 10,000 U.S. businesses and 300,000 cardholders around the world. Its industry-leading automation software, integrations, savings insights, and spend management tools have saved businesses over $300 million and 3.5 million hours to date.”
Today’s announcement “marks the first step toward executing Ramp’s mission on a global scale, by democratizing where and how U.S. companies of all sizes can do business while saving on costs.”
Dmitriy Lavrenkin, CFO, Candid, said:
“In the last year alone, we’ve transitioned to a different business model and expanded operations in Mexico. As we navigated these changes, it was important to us that we maintained trust with our employees and our vendors. Our employees across the U.S. and Mexico get the same benefits and our vendors know that they can expect timely and hassle-free payments. Best of all, we can track our domestic and international payments in one place, making it easier for my team to close our books with peace of mind that we’re staying lean and within compliance and regulatory requirements.”
Ramp’s new product features are “designed to help businesses automate time-consuming work and identify money on the table.”
- International payments: Businesses on Ramp can now send payments to global vendors in USD or the most popular currencies like pesos, euros, and rupees in minutes.
International reimbursements: Pay back employees in two days or less for out-of-pocket overseas expenses in their local currency.
- NetSuite accounting integration for easier tax reporting on international spend: Simplify the process of tracking VAT and GST paid on non-U.S. purchases at the time of purchase in the local currency, so finance teams can file accurate VAT and GST returns that have a complete representation of all purchases. Ramp makes it easy for businesses to track and claim tax credits that often go unused because of industry-standard time-consuming processes.
- Spend Limits: Give employees pre-approved budgets that can only be spent for specific needs, such as a business trip, using their corporate card or personal reimbursements – giving them flexibility while remaining in policy.
- Spend Programs: Manage employee budgets by department, location, or company-wide for per diems, offsite trips, holiday parties, and more.