Ramp has officially launched its corporate finance platform in the United Kingdom, marking the company's first significant expansion outside of North America. This move follows the firm's entry into the Canadian market in July.
To support its operations in the region, the company has established a dedicated team based in London. Ramp enters the UK market with regulated payments capabilities, secured through the acquisition of the payments platform Bellhop earlier this year, which provides authorization in both the UK and the European Union.
The platform aims to address the challenges finance teams face regarding AI expenditure. According to Ramp, its customers have increased spending on artificial intelligence by approximately 21-fold since June of the previous year, with the highest spenders seeing quarterly cost increases of at least 50%.
Ramp provides spend intelligence tools designed to categorize costs by AI model and department. These features allow businesses to distinguish between operating expenses and the cost of goods sold, while automatically identifying potential savings and flagging anomalies in corporate spending.
